Compliance professionals under the age of 30 might not believe this, but once upon a time a company’s audit committee was primarily responsible for—get this—the annual company audit.
Today, of course, the audit committee is also responsible for risk management, regulatory compliance, internal investigations, cybersecurity, and pretty much anything else that goes wrong at a large organization. Yet we do have some fresh news on the audit committee’s most primordial duty: selecting and overseeing the company’s external audit firm.
