According to the ASX Corporate Governance Council, an audit committee should:

Question

Quizplus · Accepted Answer

According to the ASX Corporate Governance Council, an audit committee should consist of a majority of independent directors to ensure objectivity and impartiality in financial reporting. Having a formal charter, being chaired by the chairman of the board of directors, or having at least four members are not specific requirements stated by the ASX Corporate Governance Council for an audit committee, although they may be recommended practices.

According to the ASX Corporate Governance Council, an Audit Committee