Abstract

The Audit Committee (now «Audit and Risks Committee» according to the new version of the Italian corporate governance code) has acquired an increasingly significant role in the oversight system of Italian listed companies. This paper, after some preliminary observations about the audit function of the board in general, examines the following four features related to the Audit Committee: its functions; the relationship between the Committee and the Board of Directors; the liability of members of the Audit Committee; the relationship between the Committee and the Supervisory Board.