auditcomité

An audit committee, sometimes referred to as a comité d'audit in French-speaking contexts, is a subcommittee of a company's board of directors charged with oversight of financial reporting, internal controls, risk management, and the external and internal audit processes. Its purpose is to enhance the integrity of financial information and strengthen governance.

Composition and mandate: The committee is typically composed of independent non‑executive directors with financial or accounting expertise. Members are appointed by the board and usually chair a chair who reports directly to the board. The committee maintains direct communication with the chief financial officer, the head of internal audit, and the external auditors. It does not perform management functions but oversees them.

Key duties: Review and challenge significant accounting judgments and estimates in annual and quarterly financial statements; monitor the robustness of internal control and risk management frameworks; oversee the external auditor’s appointment, qualifications, and independence, and approve audit plans and major audit findings; review the effectiveness of the internal audit function and management’s remediation of audit and control issues; oversee compliance programs, ethics and whistleblower mechanisms; monitor anti-fraud controls and regulatory compliance.

Regulatory and governance context: Many jurisdictions require some form of audit committee for listed companies or large entities, with requirements on independence, meetings, and reporting to the board. In the United States, SOX imposes independence and oversight duties for audit committees; in other regions, corporate governance codes and listing rules set similar expectations.

Impact: An effective audit committee supports credibility of financial reporting, strengthens risk oversight, and fosters board transparency and accountability.