The abstract discusses how audit committees are an essential part of corporate governance, overseeing a company's financial reporting process and ensuring the independence and quality of external auditors. The researchers aim to provide insights for regulators and standard-setters to enhance audit committee effectiveness. They explore current challenges in audit committee responsibilities in light of past financial crises and propose areas for further research. Key points include the crucial role of audit committees in strengthening external auditors' independence from management, improving audit quality, and enhancing overall trust in financial reporting practices.