What is an audit committee and what are its responsibilities?

subcommittee of the board of directors hate is responsible for the financial reporting and disclosure process.
responsibilities required by SOX: each member must be a member of the BOD and be independent; responsible for the appointment, compensation, and oversight of the work of any CPAs employed by company; pre approves all audit and non audit services; establishes procedures for the receipt, retention, and treatment of complaints received by the company regarding accounting, internal control, and auditing; must have authority to engage independent counsel or other advisors in order to carry out duties.