Audit Committee
An audit committee is a crucial component of corporate governance within an organization. It is typically a subcommittee of the board of directors and is responsible for overseeing the financial reporting process, the audit process, the company's internal controls, and compliance with laws and regulations.
The audit committee plays a vital role in ensuring the accuracy and integrity of a company's financial reporting, maintaining effective internal controls, and ensuring compliance with legal and regulatory requirements.
Audit Committee
Key Activity Areas for the Audit Committee:
Financial Reporting Oversight: The committee reviews and oversees the integrity of the company's financial statements and other financial information provided to shareholders.
External Audit: The audit committee is responsible for selecting, compensating, and overseeing the external auditors. This includes reviewing the audit plan, the results of the audit, and any issues that arise during the audit.
Internal Controls: The committee monitors the effectiveness of the company's internal control systems and ensures that there are proper checks and balances in place to prevent fraud and ensure accuracy in financial reporting.
Compliance: Ensuring that the company complies with legal and regulatory requirements is a key responsibility. This includes overseeing compliance with financial and accounting regulations, as well as other relevant laws.
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