Paragraph for each

1. Describe what an audit committee is and its function.
2. Describe specifically the requirements of the audit committee as discussed in Section 301 of the SOX Act of 200
3. Describe the external auditors required communications to the audit committee.
4. Identify the reasons why audit committees have been formed and are currently in operation. Discuss what you feel may be best practices of audit committees to fulfill their role in corporate governance and to assist in preventing large financial failures or corporate fraud.