How do I structure an audit committee?

What are the key components of an effective audit committee?

An effective audit committee typically includes a clear charter, qualified members, and regular meetings to oversee financial reporting.

How many members should be on the audit committee?

It's generally recommended to have at least three members on the audit committee, with a majority being independent directors.

What qualifications should the members have?

Members should have financial literacy, experience in accounting or finance, and an understanding of the industry in which the organization operates.

How often should the audit committee meet?

The audit committee should meet at least quarterly, but more frequent meetings may be necessary during critical periods.

Can you provide examples of audit committee charters?

Sure! Audit committee charters typically outline the committee's purpose, responsibilities, and authority. I can help you draft one.