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What Are the Main Responsibilities of an Audit Committee

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What are the main responsibilities of an audit committee?


Definitions:

Common Law

A body of legal principles that derive from court decisions, as opposed to statutes or constitutions.

Mutual Consent

An agreement between parties where all individuals involved have a clear understanding and agree on the same terms and conditions.

Emancipated

The legal process by which a minor achieves legal independence and is released from the control and responsibility of their parents or guardians.

Employed

The state of being engaged in work or activities for which one receives compensation, typically in the form of salary or wages.

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