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Aug 6th, 2022
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How to Finish result in the Audit Committee Charter

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in this video were going to discuss the composition and the role of the Audit Committee at a corporation so the Audit Committee is a subset of the Board of Directors heres what I mean by that so the company we know that the shareholders are gonna elect a board of directors to oversee the companys operations right in particular theyre gonna oversee the companys executives for example theyre gonna hire and fire the CEO and so forth right so weve got the role of the Board of Directors and then the Board of Directors is gonna form different committees theres gonna be a compensation committee a governance committee and one of those committees is gonna be called the audit committee so when I say that this audit committee is a subset of the board of directors what I mean is lets just say for example there are seven people on the board of directors then the audit committee will be drawn from those seven people so you might have three of the people out of those seven who serve on the

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The auditor should communicate to the audit committee an overview of the overall audit strategy, including the timing of the audit,7/ and discuss with the audit committee the docHub risks identified during the auditors risk assessment procedures.
The result of the audit is an auditors written opinion report. The four possible outcomes of an audit are an unqualified opinion, a qualified opinion, a disclaimer of opinion or an adverse opinion.
Audit Report Contents are the basic structure of the audit report which needs to be clear, providing sufficient evidence providing the justification about the opinion of the auditors and includes Title of Report, Addressee details, Opening Paragraph, scope Paragraph, Opinion Paragraph, Signature, Place of Signature,
An audit committee report gives boards quarterly and/or annual insight into the organizations financial reporting, specifically the audit process, internal controls and assurances. This not only keeps the board aware of potential risks but also equips them to make critical financial decisions.
Audit Committees want to know about risks that the organization is facing, what management is doing to get in front of those risks or how they intend to remediate any issues, and the end results of all of these actions.
The Committee shall assist the board of directors in fulfilling its oversight responsibilities for financial reporting, internal control systems, internal audit activities, compliance with key regulatory requirements, and enforcement of the Companys code of conduct.
When the internal audit function reports to the audit committee, it allows the internal auditors to remain structurally separate from management and enhances objectivity.
The five main components of an audit committee charter are objectives, membership, meeting frequency and responsibilities, ethics guidelines for members of the audit committee, and conflict of interest guidelines.

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