What Are the Main Objectives of the Audit Committee? Companies

question 19

Essay

What are the main objectives of the audit committee? Companies listed on the S&P/ASX All Ordinaries Index are subject to a listing rule obliging them to have an audit committee.What does the ASX suggest should be the makeup of an audit committee?

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Definitions:

Role Differentiation

The emergence of distinct roles within a group; the division of labor within a group.

Mindguarding

A behavior in decision-making groups aimed at minimizing dissent and maintaining consensus by filtering out information seen as threatening.

Underrewarded

Feeling that one's contributions are not being adequately compensated or recognized compared to others.

Procedural Justice

The perceived fairness of the processes and methods used to make decisions and resolve disputes.