Audit Committee
A specialized committee of the board of directors responsible for overseeing financial reporting, internal controls, and the external audit process. The audit committee typically consists of independent directors with financial expertise and serves as the primary liaison between the board and the company's external auditors. For public companies, audit committees are required by the Sarbanes-Oxley Act and must include at least one financial expert.
Related Terms
A smaller group of board members designated to focus on specific governance areas and report findings or recommendations...
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