Which committee is often responsible for overseeing the audit process?

The audit committee is primarily responsible for overseeing the audit process within an organization. This committee typically comprises members of the board of directors who are independent of the management team, ensuring that there is an objective oversight of the financial reporting and audit functions. The main functions of an audit committee include reviewing the effectiveness of internal controls, assessing the independence and performance of the external auditor, and discussing the financial statements before they are presented to the board.

In contrast, the remuneration committee focuses on setting compensation levels and packages for senior management, which does not involve oversight of the audit process. The management committee generally deals with the operational aspects and strategic direction of the organization rather than audit matters. Lastly, the compliance committee is involved in ensuring that the organization adheres to various regulatory requirements and standards, but does not specifically oversee audit activities. Thus, the audit committee is uniquely positioned as the entity that monitors and evaluates the integrity of the audit process within a company.