Which of the following statements concerning the role of the Audit Committee is correct?

The Audit Committee should provide arrangements for whistle blowing.

The Audit Committee should design the system of internal controls.

The Audit Committee should engage consultants to carry out business reviews.

The Audit Committee should review and monitor the effectiveness of the company's internal audit function.

The Audit Committee should decide annually whether it needs an internal audit function.

The Audit Committee should decide annually whether it needs an external audit function.