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Meeting Notice
TO:Agency MembersFROM:Kenneth F. Rose, Chief Executive Officiate:January 9, 2017RE:Audit Committee and Mandate organizational and regular meeting of the Montgomery County Industrial
Development
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What is audit committee and mcida?
Audit committee is a group of independent directors responsible for overseeing financial reporting and internal controls within a company. MCIDA stands for Multinational Companies to Inform Daily Accounting.
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Publicly traded companies are required to have an audit committee, while multinational companies are required to file MCIDA.
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Audit committee reports are typically filled out by the independent directors of a company, while MCIDA reports are filled out by multinational companies in accordance with international accounting standards.
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The purpose of an audit committee is to provide oversight and accountability in financial reporting, while MCIDA is used to ensure consistency in accounting practices across multinational companies.
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Audit committee reports typically include financial statements, internal control reports, and auditor communications. MCIDA reports include daily accounting information and reports on international transactions.
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