In addition to their "core" duties, many audit committees also oversee a host of major risks facing the company such as cyber security, emerging technologies and social media. With an increasing remit, now more than ever, audit committees must be effective in their oversight. Audit committee effectiveness clearly hinges on some fundamentals, including "the right committee composition and dynamics; an up-to-date charter with well-defined responsibilities; a risk-based approach to setting the committee's agenda; an understanding of current and emerging issues; and proactive, engaged oversight-beyond the boardroom".
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