The audit committee of each company is considered as one of the pillars, which is expected to be effective on maintaining the interests of individuals and legal entities and other groups that use accounting information and financial reporting. According to the 80-year history of audit committees in developed countries, it is obvious that the process of establishing audit committees in our country, Iran, is very slow and long, and it has been stopped in most cases. This research aimed to further understand and recognize the audit committees’ duties and role in maintaining and improving the existing internal control system for private oil refining companies. Two hypotheses are designed in this research, that the information needed to test the research hypotheses have been collected through questionnaires, several books and other articles. The results of this study indicate that the role of the audit committees in preventing the occurrence of illegal acts improves the process of financial reporting, the information provision and a variety of transparent and accountable financial statements.
