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AD 340 Module Two Short Paper Guidelines and Rubric Overview: The Harvard Business Review case study “The Role of the Audit Committee in Risk Oversight” examines the role and responsibilities of an oversight (audit) committee. Oversight committees can provide a regulatory function to oversee private entities, such as the New York Stock Exchange, as permitted by law. This case provides a lens into the inner workings of oversight committees from the perspective of a committee chair as he works through defining the scope of the roles and responsibilities of his oversight committee (i.e., risk oversight). This is a process that all committees would go through to define their scope, responsibilities, and mission once they have been tasked with overseeing a particular program or service (and their role evolves over time). As you will read, the committee chair also works to make the services of the oversight committee more efficient and effective. The purpose of the case study is to understand the decision-making powers of the oversight committee in carrying out the evaluation of the program or service. Please note that this particular case study is about risk oversight, but the principles are applicable to any oversight committee. Prompt: How has the risk oversight committee evolved over time? Why did this committee need to redefine its roles and responsibilities? What factors do you think might influence how the committee would define its mission, roles, and responsibilities? Specifically, the following critical elements must be addressed: ? Describe the evolution of the audit committee in this case study, using specific details. ? Articulate the need for the committee to define its mission, roles, and responsibilities. Justify your response with supporting evidence. ? Explain the factors that might influence how the committee would define its activities moving forward (i.e., its mission, roles, and responsibilities). Consider the following factors in your response: authorized scope of responsibilities, politics, laws and regulations, responsibilities of other audit committees.