For Audit Committee we have a term and definition in Accounting.

Audit Committee (Accounting)

in a larger or more sophisticated corporationthe board may find it useful to appoint an audit committee whose oversight extends not only to external auditsbut also to internal auditsinternal controlsand external reporting. Ideallyan audit committee is composed of three to five non-management directors andas neededoutsiders with accounting and financial expertise. In a smaller corporation the audit committee may be a single director with financial expertise and audit experience who takes the lead in exercising the board's audit oversight responsibility.

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