BOARD COMMITTEES - AUDIT COMMITTEE
Audit is an independent assessment of the true and fairness of the financial statements prepared by the organization. It is important to recognize that even though the management of an organization is given the task of preparing financial statements, it is eventually the responsibility of the Board to ensure that the financial statements are properly prepared. In order to efficiently exercise its oversight function, the Board works through setting up various Committees. One very important Committee which a Board can set up is “Audit Committee”.
To know more about "Audit Committees", read the complete article on “Board Committees- Audit Committee”.