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Audit Committe enhance communication between Internal Audit, External Audit and CFO.

Audit Committe assist directors to avoid litigatio risk.

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Q: What is audit committee?
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What are the advantages in having an audit committee?

the audit committee communicate with internal audit, external audit and CFO on behalf of the company.


What resources does the American Institute of Certified Public Accountants' Audit Committee Effectiveness Center provide?

The components of the center are the Audit Committee Toolkits (corporate, not-for-profit, and government), Audit Committee Matching System, Audit Committee e-Alerts, and a bank of materials containing information for and about audit committees.


Is the audit committee part of internal audit?

audit committee is part of board, and it showcases the audit observations and present it to board. board comprises of external directors so a fair and transparency is ensured.


Can audit committee protect minority shareholder interest?

Most of Audit Committee INED are friends of Chairman, so they are not really independent!


What is one of the requirements that must be met in order for audit committee members to meet the standard of independence?

a member of an audit committee of an issuer may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee--accept any consulting, advisory, or other compensatory fee from the issuer


Is there a requirement that an audit committee be independent?

Section 301 of the act contains an amendment to Section 10A of the Securities Exchange Act of 1934, which relates to independence of audit committee members.


What is the origin of audit committee?

United state (new york)


Who is the auditor for IBM?

IBM accounting audits are governed by the Audit Committee which reports directly to the board of directors. The Audit Committee works with both the IBM in-house accounting department heads and an external accounting audit team (currently Pricewaterhouse Coopers LLC).


What did the Blue Ribbon Committee recommend?

It recommended stronger audit committee oversight responsibilities relating to financial reporting.


How does the public find out what the audit committee does?

Roles and responsibilities of audit committees are disclosed in the annual proxy statements of publicly owned companies.


What does Audit Committee Terms of Reference mean?

It's the only way to define, focus and limit the terms of any audit committee Will it simply monitor? Will it try to detect fraud? Will it just balance the books? or any combination of functions


What was a major contributor to the collapse of Enron in 2001?

Lax oversight by the company's audit committee