audit committee

audit committee
A committee of a *board of directors (or similar governing body) that oversees an organization’s auditing and *financial reporting. Under most systems of corporate governance, audit committees tend to be comprised of *outside directors to encourage independence and to minimize potential *conflicts of interest. Typical activities of audit committees include reporting to the board of directors on the oversight of (i) *financial reporting, (ii) the internal control environment, (iii) the work of external and internal auditors, (iv) external audit fees, (v) the appropriateness of accounting policies, and (vi) *risk management procedures. Further reading: AICPA (2000); Klein (2002); Raghunandan et al. (2001); Rezaee et al. (2003); Spira (2002); Verschoor (2000); Verschoor (2002)

Auditor's dictionary. 2014.

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  • audit — Systematic inspection of accounting records involving analyses, tests, and confirmations. The hearing and investigation had before an auditor. An audience; a hearing; an examination in general. A formal or official examination and authentication… …   Black's law dictionary

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