This paper explores the critical role of audit committees in enhancing the quality of financial reporting within corporate governance structures. It offers a conceptual analysis of how governance frameworks, including board independence, committee composition, and resource allocation, influence audit committees' ability to ensure accuracy, reliability, and transparency in financial reporting. The study reviews existing literature on the relationship between audit committees and financial reporting quality, focusing on key factors such as financial expertise, independence, and regulatory frameworks. The paper also proposes a conceptual model linking effective audit committee performance to improved financial reporting outcomes. The analysis highlights audit committees' challenges, such as conflicts of interest, insufficient resources, and lack of regulatory support, which can undermine their effectiveness. Additionally, cross-industry and cross-country comparisons are conducted to examine variations in governance structures and their impact on financial transparency. The paper concludes with practical recommendations for policymakers and corporate leaders to strengthen audit committees and improve financial reporting standards, alongside directions for future research on emerging governance models, global regulatory challenges, and the impact of organizational culture and diversity on audit committee performance.