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The composition of the audit committee, including size, independence, qualifications, and resources, can have a significant impact on its effectiveness.

At least one of the members of the audit committee should be designated as a financial expert.

 Audit committee responsibilities may be grouped into the following categories: corporate governance, internal controls, financial reporting, audit activities, code of ethics conduct, whistleblower programs, enterprise risk management, and financial statement fraud.

Audit committee reports to shareholders include, among other things, a description of audit committee responsibilities, its activities and accomplishments, and its self-assessment of how well it has discharged its assigned responsibilities.

 Responsibilities of the compensation committee can be generalized into three categories: (1) evaluating the performance of directors and senior executives, (2) designing and implementing compensation plans for directors and executives, and (3) disclosing the activities of the compensation committee.

Conclusion

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