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In this video, the focus is on the composition and role of the Audit Committee within a corporation. The Audit Committee is a subset of the Board of Directors, which is elected by shareholders to oversee the company's operations and executives, including hiring and firing the CEO. The Board of Directors forms different committees, such as the compensation and governance committees, with one of them being the audit committee. This audit committee is drawn from the Board of Directors, typically consisting of a few members who are responsible for overseeing the company's financial reporting and internal controls.