Audit committee oversees financial reporting and independent auditor selection. Required for US publicly traded companies on stock exchanges. Must include at least one independent financial expert. Membership typically ranges from 3 to 6 directors
Vice president serves as president's replacement in case of death, resignation or incapacity. Usually elected jointly with president or appointed independently. Some countries have multiple vice presidents, like Iran with 12. May hold ceremonial duties like attending presidential events
Consolidated financial statements combine parent company and its subsidiaries' financials. Statements present assets, liabilities, income, revenue, expenses, and cash flows as single entity. Each entity maintains separate financial accounting processes
Fiscal year-end is the last day of a 12-month accounting period. Companies choose their fiscal year-end at incorporation. Fiscal year differs from calendar year, which ends on December 31
Every public company must have a board of directors. Board members are elected by shareholders in public companies. NYSE and Nasdaq require majority of board members to be independent
Chair holds most power on board of directors and provides leadership to executives. Position requires majority vote from board of directors. Average compensation from outside company is $185,000