2- What is the role of an Audit committee? (Write one or two paragraphs, max 200...

2- What is the role of an Audit committee? (Write one or two paragraphs, max 200 words in your own words and with supporting references)

Expert Solution

Audit Committee

Audit is an examination & Evaluation of financial statements of an organization. In order to ensure that statements are properly maintained and all are accurate.

Audit Committee is one of the major part of a companies board of directors. The main duty of audit committee is overseeing the financial reporting system of an organization. The companies which are engaged in buying & selling of securities must have an audit committee in order to listed in stock exchanges.

The members of an audit committee must include a member who have knowledge in the financial activities. The audit committee's main functions are oversight of financial reporting, the monitoring of accounting policies and procedures inspecting any external auditors, regulatory communicate about the problems , policies etc. with management,

An audit committee must take it responsibility seriously otherwise it will adversely affect the organization.

ekkarill92 answered 1 year ago

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