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Dictionary by pitch.dog
Boards, directors & committees · Core

Audit committee

Also called: audit and risk committee

ELI5

A board committee overseeing financial reporting, audit, controls and related risks.

Used in conversation

“The team needs one controlled copy of audit committee, with an owner and date.”

Pitch context

You will see “Audit committee” in board papers, contracts, policies, risk registers and compliance reports when the discussion reaches boards, directors & committees.

Why it matters: In boards, directors & committees, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

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Sources & evidence · 3

Direct term-level sources and supporting source families.