Terms of Reference for Audit Committee Template

A document that helps a company improve its corporate governance by establishing an audit committee.

What are the main responsibilities of the audit committee?

The audit committee has the following responsibilities:

• Looking over the financial reporting and disclosure process.
• Monitoring accounting policies and principles along with the internal control process.
• Keeping a note of external auditors. Specifically overseeing their hiring, performance, and independence.
• Overseeing how the internal audit function performs.
• Overviewing regulatory compliances and ethics.
• Overseeing the performance of the function.
• Bringing risk management policies and practices to light for discussion with the management.

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