Principal Functions of the Audit Committee

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The audit committee assists the Board in fulfilling its statutory and fiduciary oversight responsibilities relating to the company’s financial accounting, reporting and controls.

Its principal functions are to:

In performing these oversight functions, the Board and audit committee should seek to oversee the adoption of quality accounting policies and internal controls, and hire effective independent auditors, in order to deter fraud, anticipate financial risks and promote accurate, timely and meaningful disclosure of financial and other information to the Board, the public and the SEC.

Each company faces its own unique circumstances, so each audit committee should tailor its best practices to address those circumstances.

Further reading: Corporate Governance | Audit | Performance Improvement

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