what is an audit committee
Not for profit entities may also have an audit committee. 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. In Nigeria, the Audit Committee is defined as a âCommittee of Directors and the enterprises shareholders representatives whose specific responsibility is to review the annual financial statements before submission to the Board of Directorsâ . 2  The above definitions are focused on the private sector.