Public Company Auditing Committee:At least one of the members of the audit committee must be a financial expert. Every member of the audit committee shall be a member of the board of directors of the issuer or be an independent person. If the member is independent, he should receive fees from the issuer only for the service on the board. The audit committee oversees the accounting and financial reporting processes of the issuer and audits of the financial statements of the issuer. The audit committee shall be directly responsible for any appointment, compensatory and oversight work of the public accounting registered firm employed by the issuer for the purpose of preparing or issuing an audit report or related work. Any complaints received by the issuer regarding accounting, internal controls and auditing, the audit committee shall formulate procedures for rectifying those complaints. The audit committee shall also appoint independent counsel or advisors in order to function more effectively. The issuer shall provide the funding for the functioning of the audit committee. |
