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In this video, the composition and role of the Audit Committee at a corporation are discussed. 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 the hiring and firing of the CEO. The Board of Directors also establishes various committees, such as a compensation committee and a governance committee, with the Audit Committee being one of them. For example, if there are seven people on the Board, the Audit Committee will consist of a few members from this group, typically three, to fulfill its specific oversight responsibilities.