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Note added at 18 mins (2006-01-15 15:05:20 GMT)
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The audit committee is an integral element of public accountability and governance. It plays a key role with respect to the integrity of the entity’s financial information, its system of internal controls, and the legal and ethical conduct of management and employees. An audit committee’s responsibility will vary depending upon the entity’s complexity, size, and requirements. Typical audit committee responsibilities include approving the overall audit scope, recommending the appointment of the external auditor, overseeing the entity’s financial statement and internal controls, helping to ensure that the audit is conducted in a cost-effective manner, and risk management oversight