Question: compare the composition and function of audit committee in nigeria and united states

title: Audit committee
text: Internationally , the audit committee is a committee of the board of directors responsible for oversight of the financial reporting process , selection of the independent auditor , and receipt of audit results both internal and external . The committee assists the board of directors fulfill its corporate governance and overseeing responsibilities in relation to an entity 's financial reporting , internal control system , risk management system and internal and external audit functions . Its role is to provide advice and recommendations to the board within the scope of its terms of reference / charter . Terms of reference and requirements for an audit committee vary by country , but may be influenced by economic and political unions capable of passing legislation . The European Union directives are applied across Europe through legislation at the country level . Although specific legal requirements may vary by country in Europe , the source of legislation on corporate governance issues is often found at the European Union level and within the non-mandatory corporate governance codes that cross national boundaries .