Definition of Audit committee:
All U.S. publicly-traded companies must maintain a qualified audit committee in order to be listed on a stock exchange. Committee members must be made up of independent outside directors, including a minimum of one person who qualifies as a financial expert.
Members of a companys board of directors (BOD) who are responsible for the conduct of internal and external auditors.
A committee set up by a company or other institution to supervise the auditing of its accounts.
An audit committee is one of the major operating committees of a company's board of directors that is in charge of overseeing financial reporting and disclosure.
How to use Audit committee in a sentence?
- Per regulation, the audit committee must include outside board members as well as those well-versed in finance or accounting in order to produce honest and accurate reports.
- Committee members must sign off on the company's books and take responsibility for any misreporting.
- An audit committee is made of members of a company's board of directors and oversees its financial statements and reporting.
Meaning of Audit committee & Audit committee Definition