What is audit committee?

[erwinsmith]

Can someone explain what is audit committee?

 

[jainnorton]

An audit committee is a key part of a company's board of directors, responsible for overseeing financial reporting and ensuring transparency. This independent group works with both internal and external auditors to monitor financial statements, assess internal controls, and manage risks to protect shareholder interests.

 

[ankita]

An audit committee is a board of directors unit that acts to supervise the financial reporting, internal controls and the audit procedure. It makes sure that there is transparency, adherence to laws and precision of the financial statements and collaborates with external auditors in order to protect the interest of the stakeholders and encourage good corporate governance.

 

[Shane Warne]

An audit committee is a group within a company’s board of directors responsible for overseeing financial reporting, audits, and internal controls. Its main role is to ensure accuracy, transparency, and compliance in financial statements, working closely with auditors and management to protect shareholders’ and stakeholders’ interests.

 

[Jarwish]

An audit committee is a board subcommittee responsible for overseeing financial reporting, internal controls, risk management, and external audits to ensure transparency, compliance, and accountability in an organization’s governance.

 

[kuldeep]

The board of directors of an organization appoints an audit committee to supervise internal controls, financial reporting, and the audit procedure. It helps maintain compliance with legal and regulatory requirements to safeguard the interests of stakeholders, monitors auditor performance, and guarantees transparency, accuracy, and integrity in financial statements.