Describe the role and responsibilities of the audit committee of an organization’s board of directors? Find...

Describe the role and responsibilities of the audit committee of an organization’s board of directors? Find an example of an actual company’s audit committee charter and refer to this in your discussion of the audit committee’s duties.

Expert Solution

Board of Directors and their committees rely on management to run the daily operations of the business. Responsibilities of the Audit Committee include:

1. Overseeing the financial reporting and disclosure process

2. Monitoring choice of accounting policies and principles.

3. Overseeing hiring, performance and independence of the external auditors.

4. Independent Auditors.

5. Audir Services

6. Permissible Non-Audit Services; Pre-Approval Policy.

7. Review of Interim Financial Statements and Earnings Releases.

8. Review of Annual Audited Financial Statements.

9. Risk Oversight.

10. Internal Controls, Disclosure Controls and Procedures.

11. Complaint Procedures.

12. Compliance Programs.

13. Report for Inclusion in Proxy Statement.

ekkarill92 answered 2 years ago

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