AUDIT COMMITTEE
An audit committee is the committee comprising independent directors. It is responsible for appointment, fixing of fees and oversight of the work of independent auditors. The committee is also responsible for establishing, reviewing the procedures for the receipt, treatment of accounts, internal control and audit complaints. All the committees emphasized more on the formation of audit committee, but the proposed size of the committee differed from one to the other.
The Birla Committee, for instance, specified that the committee should have three minimum independent directors. The committee is required to meet at least thrice a year with a gap of not more than 6 months, with one meeting before the finalization of annual accounts. ...
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