The Audit Committee

which of the following is not a function of board committees? This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you The Audit Committee. Following along are instructions in the video below:

“This video. We re going to discuss the composition and the role of the audit audit committee at a corporation. So the audit committee is a subset of the board directors here s what i mean by that so the company. We know that the shareholders are gonna elect a board of directors to oversee the company s operations right in particular they re gonna oversee the company s executives for example they re gonna hire and fire the ceo and so forth right so we ve got the role of the board of directors and then the board of directors is gonna form different committees.

There s gonna be a compensation committee. A governance committee and one of those committees is gonna be called the audit committee. So when i say that this audit committee is a subset of the board of directors. What i mean is let s just say for example.

There are seven people on the board of directors. Then the audit committee will be drawn from those seven people so you might have three of the people out of those seven who serve on the audit committee. Okay so it s it s people who are directors. But it s not the entire board of directors okay so it s a it s a subset of the board of directors.

Now it can t just be any of those seven or ten or however. Many directors. There are okay can t just be any of them they have to be independent directors remember independent directors or people who do not have a material interest in the company. So for example.

The ceo is an inside director. So the ceo cannot be a member of the audit committee. The ceo is not independent okay so we need independent directors. They can t be a large shareholder or a company officer or so forth and then also according to sarbanes oxley.

At least one of the people on the audit committee has to be considered a financial expert..


I m not gonna go into all the details of what constitutes a financial expert. But just give you an example. Let s say somebody was a cpa there were a license a certified public accountant. Then they would be considered a financial expert.

So you need at least one financial expert and everybody on the audit committee needs to be independent directors. Okay now so that s the composition in the audit committee. What they re gonna do is they re gonna hire there it s actually their most important roles. They re gonna go on hire.

The company s external auditor. Let me say external auditor remember. There s internal auditors at the company. But then there s an external auditor.

This is this is some organization that s not part of the company that s being audited okay. So some other company that s being brought in to to look at the financial statements of the company right so you re gonna look at their financial statements and then they re gonna issue an audit opinion saying. Whether those financial statements. Follow gaap.

Okay so the audit committee. Its third job to hire the external auditor and if there are any problems between the external auditor and the company s executives. Then the audit committee would get involved also if during the course of an audit. The external auditor were to discover fraud.

They re supposed to bring that to the audit committee..


And also the audit committee is supposed to set up general things for all of its employees. Leaving aside. The issue of the external auditor. Who does not work for the audit committee.

But for the for the company. But the company s own employees. They have to set up things for somebody like a whistleblower within the company so let s say there s some employee at the company. Okay.

There s some employee now again. I m not talking about the external auditor. The external auditors not part of the company work for the company. They re hired by the company audit committee to do an audit right of the company s financial statements.

But let s say there s an employee of the company. The employee. There should be some process in place where the employee. If they were they discovered some kind of problem that they could go and report that to the audit committee and not be published right they are punished cause.

If you think about let s say. The employee for example found out that the ceo was doing fraudulent there s something fraudulent. The employee can t go and report that to the ceo and say hey ceo. You know what i found out you re doing something wrong what do you think we should do about that right the employee is gonna go to the audit committee so the audit committee serves a very valuable role and basically overseeing the financial reporting process and then hiring and paying and and you know you know mediating any disputes with the company s external.

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u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000 u0000isn t a lot of profit to be made in any of these services and as a result..


No firm will take the risk of providing them in the marketplace. But yet these goods and services are still needed by society. If left to the free market. The citizens would go without these goods and services and not have basic needs.

And once met there has to be a solution. The answer is the mixed economic system. Advocated by economist. John maynard.

Keynes. The mixed economic system. Is where the free market also known as the private sector and the government also known as the public sector work together in order to meet social needs. If the private sector were house targaryen and the public sector.

A house stark then the mixed economy would be jon snow god gameofthrones is so good here s how it works through free enterprise consumers and firms mutually benefit in the markets. The free market system works as is but the moment. The market fails in some way government intervenes in order to fix the failure for example. If the country needs to go to war.

And there s no military to help defend the citizenry because no firms have provided that military government will step in and produce the military needed ideally both firms and government work together towards the goal of socio economic growth and the satisfaction of citizens needs. The united states economies since the creation of the republic has been mixed the continental army was raised by the government. The founding fathers early on adopted the mixed economic system and we ve used it ever since the mixed economic system. Is by far the most common economic system around the world today.

Macro economics is the study of mixed economies and so this is the economic system..


We will focus on the most in this course ok. It s time for a quick review of today s major points. An economic system is a mechanism used by a society to determine how best to allocate. Scarce resources.

It helps to answer the questions of what to make how to make it and for whom. It is made each of these decisions is made based on social values and goals. The most common economic systems are the free market system. Where lays a fair economics.

Rules in the invisible hand or natural market forces answers. The central economic questions. The centrally planned economy or government owns all resources and production and will answer the three questions for the people. But of course both these markets will inevitably fail.

And so. The third system can be used known as the mixed economy. Where the private sector and the public sector or government and the free market will work together to meet the needs of citizens thanks for joining me today. We ll see you next time on intro to econ.

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