Role Of Audit Committees In Corporate Governance

Transcript

Success for any organizations regardless of their type or size is built on a firm foundation of fiscal accountability and governance. Audit committee can allow organization to have stronger internal controls, budgetary and legal compliance, accurate and timely financial reporting and disclosure, sound business practices, and a culture of uncompromised moral and ethical behavior. Audit Committee has thus become one of the main pillars of the corporate governance system in public companies. In steering companies through today’s complex business environment, boards are going to need strong leadership from their audit committees. This research is carried out with aim to know role of audit committee in UK, USA, Germany and Pakistan corporate governance system. This research paper includes criteria of composition of audit committee, its role and responsibilities.