What if Analyze the role of audit committees in corporate governance and financial oversight. Explain the key responsibilities of an audit committee, including overseeing the financial reporting process, monitoring internal controls, and managing the relationship with external auditors. Discuss the importance of audit committee independence and expertise in enhancing the effectiveness of financial oversight. Provide examples of best practices for audit committees in fulfilling their duties, such as regular meetings, detailed review of financial statements, and active engagement with management and auditors. Analyze the challenges audit committees face, such as potential conflicts of interest, limited resources, and evolving regulatory requirements. How can audit committees contribute to the prevention and detection of financial fraud? Discuss the impact of audit committee activities on investor confidence and corporate accountability. $10$ points.