Which statement is true regarding the composition of audit committees?

The statement regarding the composition of audit committees emphasizes the necessity for committee members to have the expertise to handle audit-related issues. This is crucial since audit committees play a vital role in overseeing an organization's financial reporting process, managing the relationship with external auditors, and ensuring compliance with legal and regulatory requirements. Members with relevant knowledge and experience can better evaluate audit findings, assess risks, and contribute to sound decision-making. Their expertise helps ensure that the committee can effectively question and understand the complexities involved in the audit processes, thus fulfilling its responsibilities effectively.

While there are additional considerations in the context of audit committees, such as the size of the committee or the oversight of internal auditors, the most critical factor is that the members are equipped with the necessary skills to address audit matters competently. This focus on expertise aligns with best practices and guidelines concerning the composition of audit committees, making it the most pertinent statement in this context.