Why Is an Independent Audit Committee Important to a Company

question 118

Essay

Why is an Independent Audit Committee important to a company?

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Definitions:

Reciprocity Norm

A social norm suggesting that people should return the help they have received to others in kind.

Kitty Genovese

Refers to a case from the 1960s that became a symbol of urban apathy, wrongly cited for years as evidence that numerous neighbors heard her cries for help but did nothing.

Altruism

The selfless concern for the well-being of others, often resulting in actions that benefit others at a personal cost.

Social-Psychology Research

The examination of how the presence of others, whether real, perceived, or suggested, affects individuals' mental processes, emotions, and actions.