Typically an audit committee (or its equivalent),
acting as a largely independent body, will be charged
with representing the shareholders’ interests.
Companies may not necessarily have an audit
committee and this interchange may be dealt with
less formally but in an equivalent manner. The audit
committee is a sub-committee of those charged with
governance, and is typically made up of a majority of
non-executive directors who are the shareholders’
representatives in relation to the external audit. They
are usually responsible for overseeing the audit and
evaluating the independence and performance of the
auditors.