Members of the board of directors make up the audit committee.
The financial reporting and statements of a firm are supervised by an audit committee, which is composed of board of directors members. In order to create truthful and accurate reports, the audit committee is required by law to consist of both outside board members and individuals with financial or accounting expertise.
The major duty of an organization's audit committee is to supervise the audit process, financial reporting process, internal control system, and legal and regulatory compliance. Board monitoring of the audit function is necessary to establish a governance framework of accountability, but an audit committee is not required.
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