text: In that respect , the role of the audit committee , which in some cases has not been very active or effective in its oversight of management or auditors as related to financial reporting , is evolving into not just financial management oversight , but the overall aspects of the company 's financial reporting , such as releases on earnings expectations and quarterly financial reports .
  
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  The role of the audit committee is evolving into more than simply financial management oversight because the company is looking to cut down on previous committees established to create releases for earnings expectations and quarterly financial reports .