The audit committee's role is critical to oversight of the corporate or governmental process. The member's role demands significant time and attention in addressing multiple risks and critical issues.

The committee is responsible for ensuring that the financial reporting process is credible, controlled and reliable, and that the company's financial reporting is transparent, consistent and accurate.

http://www.ey.com/US/en/Issues/Governance-and-reporting/Audit-Committee/Assurance---Audit-Committee