The audit committee: watchdog for the board.

A board-level audit committee offers many benefits, including helping to ensure the integrity of corporate financial reporting: facilitating direct and regular reporting between the independent auditors and the board; increasing the board's understanding of hospital systems and internal controls; and offering public evidence of the board's efforts to fulfill its fiduciary responsibilities. This article suggests guidelines for the purposes and responsibilities, the composition and conduct, and the functions of a hospital audit committee.