The New York Stock exchange requires that the audit committee be:

Question

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The New York Stock Exchange requires that the audit committee be composed solely of outside directors. This is to ensure that the committee is independent and free from any conflicts of interest that may arise if the committee is made up of insiders or executives from the company. Being composed solely of outside directors also ensures that the audit committee members have the necessary financial and accounting expertise to fulfill their responsibilities effectively.

The New York Stock Exchange Requires That the Audit Committee