What are the duties of an audit committee according to the NASDAQ Stock Market?
The audit committee charter of every NASDAQ-listed company must now specify all of the duties and responsibilities of the audit committee, including: appointing, retaining, compensating, evaluating, and terminating the company’s independent auditors (this includes resolving disagreements between management and the independent auditor); establishing procedures for the receipt, retention and treatment of complaints from company employees on accounting, internal accounting controls or auditing matters, as well as for the confidential, anonymous submissions by company employees of concerns regarding questionable accounting or auditing matters; having the authority to engage independent counsel and other advisers as it determines necessary to carry out its duties; and receiving appropriate funds, as determined by the audit committee, from the company for payment of compensation to the outside legal, accounting or other advisers employed by the audit committee. Note: The foregoing charter re
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