Public companies are exempt from the requirement of corporations to have audit committees.

Name: Public companies are exempt from the requirement of corporations to have audit committees.
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Public companies are not exempt from the requirement of having audit committees. In fact, the Securities and Exchange Commission (SEC) requires all publicly traded companies in the US to have a functioning audit committee as per the Sarbanes-Oxley Act of 2002.

Public Companies Are Exempt from the Requirement of Corporations to Have