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Simple English definitions for legal terms

audit committee

Read a random definition: family-income insurance

A quick definition of audit committee:

An audit committee is a group of people who are responsible for making sure a company's financial reports are accurate and truthful. They oversee the work of the company's auditors and make sure that the company is following all the rules and regulations related to financial reporting. The committee is made up of members of the company's board of directors and must be independent from the company to ensure that they are unbiased in their work. Public companies are required to have an audit committee by law.

A more thorough explanation:

The audit committee is a group of people who are part of a company's board of directors. They are responsible for making sure that the company's financial reports are accurate and that the company's auditors are doing their job properly.

For example, if a company's financial statements show that they made a lot of money, the audit committee would check to make sure that the numbers are correct and that the company is not hiding anything. They would also make sure that the company's auditors are independent and not influenced by the company's management.

The audit committee is required by law for public companies in the United States. This means that companies that want to sell their stock to the public must have an audit committee. The audit committee is regulated by the Securities and Exchange Commission (SEC) and must follow certain rules to ensure that they are doing their job properly.

audit | auditor

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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