representatives whose specific responsibility is to review the annual financial statements before submission to the Board of Directors”. In Uzbekistan, audit committee — a committee, consisting of the members of the supervisory board of an economic entity, as a rule, including at least one independent member, responsible for establishing control over the correctness of financial reporting, selection of an independent auditing organization, overseeing audit processes, as well as obtaining and reviewing the results of internal and external audits (). The above definitions are focused on the private sector. A similar definition has been developed by the government auditors in the INTOSAI’s Internal Control Standards: "A committee of the Board of Directors whose role typically focuses on aspects of financial reporting and on the entity's processes to manage business and financial risk, and for compliance with significant applicable legal, ethical, and regulatory requirements. The Audit Committee typically assists the Board with the oversight of (a) the integrity of the entity's financial statements, (b) the entity's compliance with legal and regulatory requirements, (c) the independent auditors' qualifications and independence, (d) the performance of the entity's internal audit function and that of the independent auditors and (e) compensation of company executives (in absence of a remuneration committee). (Standard INTOSAI GOV #9100, "Internal Control Standards for the Public Sector”, annex 2). In India, according to Section 177(1) of the Companies Act 2013, the Board of Directors of every listed company and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee. As per Rule 6 (Committees of the Board) of the Companies (Meetings of Board and its Powers) Rules, 2014, the Board of directors of every listed companies and the following classes of companies shall constitute an Audit Committee and a Nomination and Remuneration Committee of the Board: All public companies having: Paid-up Capital ≥ ₹10 Crore; Turnover ≥ ₹100 Crore; Loans + Borrowings + Debentures + Deposits ≥ ₹50 Crore. Composition Usually, membership of the committee is subject to the maximum number of 6 persons. In the US, a qualifying audit committee is required for listed publicly traded companies. To qualify, the committee must be composed of independent outside directors with at least one qualifying as a financial expert. The European Union's 8th Directive on company law 2006/43/EC states that “Each public-interest entity shall have an audit committee. The Member State shall determine whether audit committees are