Audit committees of public companies have many responsibilities in today’s financial reporting environment. Among those responsibilities are hiring the company’s external audit firm, overseeing the company’s financial reporting processes, and meeting with management to understand decisions around accounting and auditing matters and so forth. Please explore the Internet to find information on the audit committee made available by a corporation, and answer the following questions.
What are the committee’s responsibilities related to financial and business risks?
How many times does the committee meet on an annual basis?
What authority does the committee have in carrying out its responsibilities?