This paper considers issues and events with the intent to propose changes to current behavior and duties of the audit committee. The audit committee’s modern role is to oversee the corporation’s accounting and financial operations.This monitoring role extends to issues addressed in this paper that have not received their deserved, warranted attention. First, Part I addresses reasons for greater audit committee involvement with tax risks, specifically in public,government, and shareholder contexts. Part II discusses both the historical approach to tax risk taken by the audit committee and its recent evolution. Part IIIexamines recent regulatory roadblocks and subsequent behavior by corporate managers that necessitates greater audit committee involvement. Part IVdescribes the audit committee’s current duties and its relationship to tax risk in general. Part V highlights proposed changes to audit committee behavior that could adequately solve the issues cited without undue burden. Last, Part VIaddresses why worries of increased personal liability for audit committees are real but likely unwarranted.