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Wachtell Lipton recently published an updated version of its longstanding Audit Committee Guide. The 2025 edition spans 202 pages and includes helpful models for everything from an audit committee charter to an audit committee self-evaluation checklist. This introductory note explains how the guide can be used:

This Guide provides an overview of the key rules applicable to audit committees of NYSE- and Nasdaq-listed U.S. companies and best practices that audit committees should consider. This Guide outlines audit committee members’ responsibilities, reviews the composition and procedures of audit committees and considers important legal standards and regulations that govern audit committees and audit committee members. Although generally geared toward public company audit committee members, this Guide is also relevant to private company audit committee members, especially if the private company may at some point consider accessing the public capital markets.

A well-run audit committee—i.e., an audit committee composed of financially knowledgeable, independent members who are focused on the right areas of inquiry and intent on asking tough questions of management, internal auditors and the independent auditor—can assist the company in its financial reporting, risk management and compliance obligations. To this end, this Guide proposes specific practices designed to promote effective audit committees.

Members can access this guide, along with other helpful resources, in our “Audit Committees” Practice Area. If you do not have access to our Practice Areas, sign up today!

– Dave Lynn