The critical role of the Audit committee in corporate governance
In a company, the role of the audit committee is essential as it is the cornerstone of the company. The committee does the annual auditing for the company effectively through independence and objectivity of most of the members. The financial reports are improved through the quality work produced by the audit committee (Ghafran, and O’Sullivan, 2013, p 390). The oversight of the committee provides protection of investors and the stability of the capital markets. For regulations and the laws to be complied by the company, the audit committee has a significant role in checking the internal controls of the company. The audit committee appoints the auditor of the company, and it is also responsible for the compensation of the appointed auditor (Setiany et al. 2017, p 239). The committee checks on information technology and how the operations of the company take place. The audit committee is essential for the company, and it is hard for a corporate government to carry out its roles without it.
Ghafran, C. and O’Sullivan, N., 2013. The governance role of audit committees: reviewing a decade of evidence. International Journal of Management Reviews, 15(4), pp.381-407.
Setiany, E., Hartoko, S., Suhardjanto, D. and Honggowati, S., 2017. Audit committee characteristics and voluntary financial disclosure. Review of Integrative Business and Economics Research, 6(3), p.239.
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