An operating committee of the company's board of directors. An audit committee of a US public company is composed of independent directors.

The duties of an audit committee are typically outlined in a committee charter, often available on the company's website, and include selecting the company's auditors and overseeing the audit of the company and the preparation of the company's annual and quarterly financial statements.

For more information, see Practice Note, Corporate Governance Standards: Audit Committee and Standard Document, Audit Committee Charter.