The strength of the finance function is therefore critical in supporting the oversight role of the audit committee, which can be severely inhibited by a weak finance function that lacks capacity, expertise or effective CFO leadership. European best practice for the role of the Audit Committee in overseeing internal audit. The independent auditor shall report directly to the Committee. Effective evaluations provide a pathway for boards, committees, and individual directors to objectively assess their strengths and weaknesses and implement plans for continuous improvement. Focus on committee composition issues, including risk management, independence, business and leadership experience, and succession planning. Are members of the internal audit function technically competent and proficient? The result is increased debate globally on audit and governance regulatory reform. Audit Committee concerning the results of reviews of financial reporting, compliance with laws, regulations, policies, procedures, and internal controls. NYSE adopts a listing requirement that audit committees be composed entirely of independent directors.