The audit committee
You'll learn what an audit committee is, why it matters for governance, and what its key responsibilities are across financial reporting, internal controls, compliance, and audit oversight.
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In this lesson
- 0:00 Audit Committee Overview and Role
- 0:42 Key Responsibilities and Governance
- 2:26 Compliance Oversight and Monitoring
- 3:07 Internal Controls Assessment
- 3:54 Internal Audit Oversight and Planning
- 5:08 External Audit Engagement and Performance
- 6:11 Internal Control Reports for Shareholders
- 8:02 Internal Audit Recommendations and Implementation
- 9:01 Post-Completion Audit Review Process
About this lesson
This video covers the audit committee's role as a subcommittee of the board—how it oversees the external and internal audit functions, monitors the control environment, and reports to shareholders on the effectiveness of internal controls. Understanding the audit committee is essential for AA and SBR papers, where governance structures and audit oversight are core exam topics. You'll see how the audit committee acts as a critical link between management, auditors, and the board, and how it ensures that audit recommendations are implemented and followed up through post-completion reviews.
Duration: 10m
Transcript
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