A committee of the board of directors responsible ... Add a comment
A committee appointed by a company's board of directors to assist in the supervision of the company's internal operations, preparation of financial reports, internal audit system and implementation, and information disclosure, to ensure transparency and accuracy, to enhance the company's efficiency and to build the confidence of its investors, customers and creditors. The SET regulations require an audit committee of a listed companies to have at least 3 members (who are company directors), at least one of whom must be knowledgeable in accounting or finance. An audit committee member is required to be independent, having no direct or indirect financial interest or executive position in the company, its subsidiaries, or its major shareholders. Also, an audit committee member is not allowed to be related to or have any family relationship with the company's management or its major shareholders. The SET also has its own Audit Committee in place.
A committee of the Board of Directors consisting of a majority of independent (non-executive) directors, responsible for selecting and overseeing the work of outside auditors and other audit activities. The definition of an independent director may vary from one market to another (see paragraph 16, Section IV above).
a committee comprising a majority of independent non-executive members of the board of directors to which has been assigned the oversight of the financial reporting and auditing process
a committee of a board of directors to which the board delegates its responsibility for oversight of the financial reporting process
a sub-committee of the main board of directors of a public enterprise
A Committee of North Liverpool PCT that has responsibility for ensuring effective internal control and gives reasonable assurances that assets are safeguarded, waste avoided, reliable financial information is produced, and that value for money is continuously sought.
Members of a client's board of directors who are responsible for dealing with the external and internal auditors.
A mandatory committee of the Parliament, of 7 members, the remit of which is to consider and report on particular financial accounts and reports laid before the Parliament, including Auditor General's reports and any other document concerning financial control, accounting and auditing in relation to public expenditure. The committee must be established within 42 sitting days of a Scottish Parliament election. The convener of the committee must not be a member of a political party which is represented in the Scottish Executive. No member of the Scottish Executive or junior Scottish Minister may be a member of the committee.
A committee from the Supervisory Board that is especially involved in supervising the financial reporting process of the company and the procedures and auditing systems that are used.
Audit Committees of boards of directors have become a well-recognized and important element of corporate governance. Ideally, these committees, should consist of individuals who are independent of the management of the entity and have a strong degree of financial literacy. Audit committees typically recommend the CPA or firm to be hired as independent auditors and have oversight responsibilities for both the internal audit function and the independent audit. The SEC requires publicly held companies to include reports by their audit committee in proxy statements. Auditing standards require certain communications between the audit firm and the audit committee.
An audit committee is an operating committee of a publicly held company. Committee members are normally drawn from members of the Company's board of directors. An audit committee of a publicly traded company in the United States is composed of independent or outside directors.