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The video discusses the internal audit function of a company, emphasizing the importance of an Audit Committee, which typically consists of three members from the board of directors. The Sarbanes-Oxley Act (SOX) mandates that Audit Committee members must be independent outsiders, meaning board members cannot be employees, including the CEO. This committee has a fiduciary responsibility to shareholders and outside interests, serving as a check and balance between management and both internal and external auditors. The Audit Committee directly interacts with internal auditors, who report to them, reinforcing accountability and oversight within the organization.
