How does Audit Committee play a significant role in corporate governance in India?

"Corporate Governance is the application of best management practices, compliance of law in true letter and spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders." Although the entire Board of Directors is responsible for the maintenance of issues relating to the Corporate Governance, however, the Audit committee specifically looks after the subject matters relating to the accounts, audit, inspection, fraud and other related areas. The audit committee plays a major role in corporate governance regarding the organization's direction, control, and accountability. As a representative of the board of directors and main part of the corporate governance mechanism, the audit committee is involved in the organization's both internal and external audits, internal control, accounting and financial reporting, regulatory compliance, and risk management.