Audit Committee
What is Audit Committee?
A committee of the board of directors responsible for overseeing financial reporting, internal controls, and audit activities. Audit committees are required for publicly listed companies and play a key role in corporate governance.
Terms that appear alongside audit committee
Each of these is named in at least one of the same controls as audit committee. The number is how many controls name both.
- audit 27 shared controls
- governance 9 shared controls
- due diligence 7 shared controls
- compliance 7 shared controls
- remediation 6 shared controls
- risk appetite 6 shared controls
- internal audit 6 shared controls
- risk committee 6 shared controls
Frameworks that govern audit committee
What the standards actually require on audit committee
Requirements naming audit committee across 6 standards, quoted from the control text.
Every insurer that must file an audited financial report must name a group of individuals as its audit committee in the section 3 sense.
naic-annual-financial-reporting-model-regulation-model-audit-rule-mdl-205::mdl205-s4d-audit-committee-designation · Designate the audit committee, or elect the controlling entity's audit committee with written notice to the commissioners →Internal audit, which in addition to Appendix A should ensure the framework complies with the Guidelines and suits the bank's size, complexity and risk profile, should identify and communicate to the audit committee significant instances where front line units...
occ-heightened-standards-12-cfr-part-30-appendix-d::II.C.3.(e) · II.C.3.(e) Internal audit: Report non-adherence to the audit committee →The audit committee oversees ICFR, financial reporting, and external auditor independence with documented charter and meeting cadence.
ENT-2 · Audit Committee Oversight →Requirement 0213 (Part Four: Technology, section 14.1 Cyber Security Strategies; applies to All entities; dated 01 July 2025; retained from Release 2025): The Chief Information Security Officer reports on the entity's cyber security risk at each meeting of the...
protective-security-policy-framework-pspf-release-2026::0213 · 0213 CISO reports cyber risk to each Audit Committee meeting →The NBFC-AA must comply with paragraph 17(1) of the RBI (NBFC - Governance) Directions, 2025 on the Audit Committee.
india-account-aggregator-framework-rbi::44 · Para 44: Audit Committee as required by the Governance Directions →The Audit Committee of the Board is responsible for overseeing the bank's IS audit (also paragraph 10).
rbi-cybersecurity-framework-for-banks::224 · Para 224: Audit Committee oversees IS audit →Questions people ask about audit committee
What is Audit Committee?
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