Audit committee composition is discussed in terms of size, independence, qualifications, attributes, and resources:
Audit Committee Size - The size of the committee usually ranges from three to six members, whereas the SEC rule and listing standards for public companies require at least three independent members and should be composed for at least three months.
Audit Committee Independence - The audit committee should be composed of independent, nonexecutive, outside directors. The emerging corporate governance guidelines on audit committee independence should assist public companies in avoiding potential conflicts of interest due to committee
members’ excessive contractual or consulting ties to the company or its management.