In 2002, Sarbanes-Oxley Act emphasized the importance of audit committee financial expertise for improving the quality of financial reports; in addition, the SOX Act was designed to maximize the effectiveness of the board of directors and improve some changes in requirements and regulations. Based on these changes, boards of directors should mostly be elected of independent managers (SEC, 2003). These requirements will deteriorate the position or the social status of the audit committee, in that those who were appointed are not considered for the management position (Erkens and Bonner, 2013). By the position or social status, we mean the ability of an individual to affect the consequences based on the perceived skills, qualities, and personal attributes (Pollock et al., 2010). Those who are in higher position enjoy more strength and power and could collect better information. Thus, the decline of position and expertise could confine the ability of the audit committee in lessening the opportunistic financial reports because when partners face opposite objectives, financial expertise and partial position are needed for the effectiveness of the consequences (Badolato et al., 2014). Sarbanes-Oxley Act passed in response to the occurrence of financial scandals in large corporates at the very beginning of twenty-first century in America, where is the origin of such disgraces. The act gives priority to auditor independence, the establishment of an Accounting Supervisory Board for public companies, some changes in the structure of accounting standards, and improvement in standardization approach from regulation-based standards to principle-based standards. Such an enactment gives rise to the audit committee to be known as a monitoring tool (Li et al., 2012) and highlights the monitoring discussion on the audit committee. Given the roles the audit committee plays in an organization, it could affect all of the above-mentioned issues. In other words, we could say that the agency theory considers the creation of an audit committee as a tool for minimizing the costs of an agency and improving the internal controls and introduces it as an effective monitoring tool to cement the agency relationships. The audit committee is a significant part of a company for the implementation of vitally strategic methods. When some people, like managers and major shareholders, are more informed than the rest of investors of the status quo and future outlook of the company, they could enjoy such an information advantage to their benefit and to the detriment of others. They could, for example, abuse their positions by distorting or managing information and increase their benefit. The existence of an audit committee is to the benefit of all financial beneficiaries of a company, including investors, creditors, board members, management, staff, and different industries and economic sections. A favorable audit committee has a significant role in improving efficiency, value creation, and profitability and increasing investors’ trust. Companies could benefit from an accurate and efficient governing system, as well. In case, a company is profitable, it is more willing to apply the corporate governance and could achieve its interests directly (through an easy access to financial interests and low-cost capital) and indirectly (through earning fame and better commercial opportunities). In addition, the charter of the audit committee for the best company (public) passed by the board of directors of Securities and Exchange Organization on February 11, 2013, including 14 articles and 2 notes and entered into force since then. Therefore, realizing the effects of the audit committee on accounting information and issues like profitability is the matter of the utmost importance, which will be discussed further in this study.