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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, particularly its executives. The Board forms various committees, including the audit, compensation, and governance committees. The Audit Committee will be composed of members drawn from the Board of Directors, exemplified by a scenario where three members out of a total of seven on the board serve on the Audit Committee.