What is Audit Committee? An audit committee is a subcommittee of a public company’s Board of Directors. A Board of Directors can have several subcommittees. The audit committee focuses on corporate governance, specifically, the company’s internal controls and financial accounting systems.
What is Audit Committee Membership?
A company’s audit committee typically includes a number of outside directors, or non-executive directors, preferably including individuals with financial accounting expertise.
What is Audit Committee Purpose?
An audit committee has several responsibilities. An audit committee is responsible for overseeing the company’s financial reporting as well as its financial accounting policies and procedures. The duties also include selecting and overseeing external auditors, ensuring regulatory compliance, monitoring the company’s internal controls, and overseeing risk management.
See Also:
How to Control Annual Audit Fees
Managed Sales and Use Tax Audit Programs
Double Entry Bookkeeping
Direct Method Allocation
Company Life Cycle
