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.
Sources & evidence · 3
Direct term-level sources and supporting source families.
- OECD — G20/OECD Principles of Corporate Governance 2023Direct source · institutional · checked 2026-08-16
- U.S. Securities and Exchange Commission — EDGAR and filing resourcesSupporting source family · primary · checked 2026-08-16
- National Institute of Standards and Technology — Computer Security Resource Center GlossarySupporting source family · primary · checked 2026-08-16