Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Guidelines for the Work of Audit Committees" to enhance the operational effectiveness of audit committees in listed companies, ensuring compliance with legal and regulatory requirements [1][2]. Group 1: Guidelines Overview - The "Guidelines" consist of four chapters and twenty-eight articles, detailing statutory responsibilities and providing supplementary recommendations to improve operational effectiveness [1]. - The guidelines clarify the establishment and composition of audit committees, including member tenure and qualifications, emphasizing the need for continuous training and capacity building [1][2]. - The guidelines outline the disclosure requirements for annual performance and the types of meetings, including procedures for convening, presiding, and voting, as well as record-keeping requirements [1]. Group 2: Responsibilities and Functions - The guidelines delineate the responsibilities of audit committees, including the review of financial information and internal controls, and provide methods for effective oversight based on best practices [1][2]. - The guidelines aim to align the operations of audit committees with the latest statutory requirements, thereby enhancing the quality and effectiveness of their functions [2]. Group 3: Implementation and Future Steps - The China Securities Association plans to promote understanding of the guidelines through training and outreach, ensuring that audit committee members grasp the key requirements [3]. - The guidelines will serve as a basis for evaluating the performance of independent directors and corporate governance, with measures in place for companies that do not meet legal standards [3].