Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

audit committee

Read a random definition: top-hat pension plan

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
HopefullyInLawSchool
14:19
you mom
WorthlessAttractiveZombie
14:19
Ouch
HopefullyInLawSchool
14:19
your*
14:19
I fear I realized too late
babycat
14:20
another victim claimed
concorde
14:22
pwned
14:22
Might have to send in addendums for that
Dkk
14:26
No wave, so sad.
WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
LSD+ is ad-free, with DMs, discounts, case briefs & more.