audit committee
Board's accounting monitors
An audit committee is a subset of a company's board of directors responsible for overseeing financial reporting, internal controls, and the work of external auditors.
The committee typically comprises independent directors—those without management roles or financial ties to the company—to ensure objectivity.
The audit committee met quarterly to review the financial statements.
- Sarbanes-Oxley ActCorporate financial reporting law
- public companyStock-traded business entity
- internal controlsOrganizational oversight procedures
- corporate governanceCompany direction and control
- external auditorsOutside financial statement verifiers
fiduciary duty · fraud detection · financial statements · annual report · going concern · accounting standards · fraud prevention · red flags · check · sign off · forensic audits · executive leadership · tax compliance · risk assessment · due diligence · boardroom · regulatory · financial
audit committeenominating committee
Body proposing candidates for positions
audit committeemanagement team
Group directing an organization
executive management · C-suite · finance department · operations
audit committeefull board
Lodging including all meals
board of directors · general meeting · shareholders' meeting