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The video tutorial discusses the composition and role of the Audit Committee within a corporation. It explains that the Audit Committee is a subset of the Board of Directors, which is elected by shareholders to oversee the company's operations, including the hiring and firing of the CEO. The Board has various committees, such as the compensation committee and governance committee, with the Audit Committee being one of them. For instance, if there are seven members on the Board, the Audit Committee might consist of three of those members.