Quote of the Day

Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall.

Stephen Covey

Audit Committee

A committee set up in most publicly-held companies as part of a good corporate governance structure. Committee members are normally drawn from members of the Company's board of directors who are independent or outside directors. Responsibilities of the audit committee typically include: Overseeing the financial reporting process. Monitoring choice of accounting policies and principles. Monitoring internal control process. Overseeing hiring and performance of the external auditors.

Over the years, various initiatives to strengthen and increase the responsibilities of audit committees have been made by regulators to prevent major corporate frauds similar to the WorldCom case

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