The monitoring of a company's financial reporting is the responsibility of the audit committee, which is a sub-group of the board of directors of the company. It could involve internal finance and the disclosure process. In order for the audit committee to be successful, it is necessary for them to be knowledgeable of the procedures and controls that are in place inside the company.
Required:
Discuss FIVE roles and responsibilities of Audit Committees which could contribute to Corporate Governance and Accountability.