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The video tutorial discusses 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 company operations and executives, including hiring and firing the CEO. The Board forms various committees, including compensation and governance committees, one of which is the Audit Committee. For instance, if the Board has seven members, the Audit Committee may consist of three of those members, emphasizing its role as part of the larger Board structure.