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Audit charter is a formal document that defines internal audit purpose, authority, responsibility and position within an organization.

APPROVAL OF THE CHARTER XYZ Institution Audit Committee Charter is endorsed by the Chairperson of the Committee and approved by the Accounting Officer / Authority.

1 In constructing its charter, the audit committee needs to consider the specific responsibilities and requirements of the audit committee as outlined under SEC rules as well as the Company's respective listing exchange and should include consideration of additional facts and circumstances specific to the Company and ...

SOX stipulates that all listed companies must have an audit committee, and that the members of that committee must be independent of management, contain at least one financial expert, and be directly responsible for appointing auditors and ensuring their company's financial reporting is correct.

APPROVAL OF THE CHARTER XYZ Institution Audit Committee Charter is endorsed by the Chairperson of the Committee and approved by the Accounting Officer / Authority.

In conclusion financial statements & financial reporting All in all, an audit committee charter is important because it not only gives the board certain duties that need to be done but also ensures that everything about the company's money and finances is in check.

Controls over financial reporting, information technology security and operational matters fall under the purview of the committee. The audit committee is responsible for the appointment, compensation and oversight of the work of the auditor.

An audit committee charter is a document that outlines the process by which audit related issues are identified, reviewed, and resolved. These issues can range from what types of auditors should be hired for different levels of risk to who oversees the auditor's work.