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AMERICAN LEGION AUXILIARY DEPARTMENT OF COLORADOAudit Committee Training Workbook Committee Chair: Deb McBride Committee Members: Amy Grubs and Cindy Heater Special thanks to Reviewers Vivian Hunter
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The audit committee in the American context is a subcommittee of a company's board of directors that is responsible for oversight of financial reporting and auditing processes.
Publicly traded companies in the United States are required to have an audit committee as mandated by the Securities and Exchange Commission (SEC) and the Sarbanes-Oxley Act.
To fill out an audit committee report in the American context, companies must provide detailed information on the committee's composition, responsibilities, meetings, and oversight activities.
The purpose of the audit committee in the American context is to enhance the integrity of a company's financial reporting process and ensure compliance with regulations.
Information that must be reported on an audit committee report in the American context includes details on the members of the committee, their qualifications, the number of meetings held, and the scope of their responsibilities.
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