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The audit committee is a separately chartered committee of the board of directors. The audit committee has a direct relationship with the board of directors as it reports to the board on a quarterly or more frequent basis on such things as audit plans, audit findings and other items deemed to be significant. The role of the audit committee has significantly expanded in recent years. Realizing this, the board of directors has begun to shift some of the audit committees responsibilities to separately chartered committees to create a balance of duties and ensure they are effectively executed. These additional committees have often included a compensation committee, disclosure committee, and nominating and governance committee.
There are four steps audit committees can take in overseeing their finance organization strategy: Evaluate the development of managements talent strategy specific to finance Evaluate managements definition of what finance talent means to your organization Evaluate the critical workforce segments of your finance organization and their development needs Evaluate finance-specific programs established to develop your leadership team.