Adding Value - The Role of the Audit Committee
An independent audit committee is a fundamental component of good corporate governance. The audit committee plays a key role in assisting the board to fulfil its oversight responsibilities in areas such as an entity's financial reporting, internal control systems, risk management systems and the internal and external audit functions.
This session is designed to give a practical overview of why boards in the private, public and not for profit sectors all establish audit committees, what they do, how they operate and some insights into emerging risks and issues for audit committees.
What we will cover:
- Why boards establish audit committees
- Board responsibilities
- Responsibilities of the audit committee - 3 lines of defence
- How big is the remit - risk and compliance?
- Planning a Charter, calendar and effective meeting?
- Interactions with key players
- Reporting - telling the full story
- How well did we go? Assessing performance
- Emerging Issues
If you have recently joined a board or you are an aspiring director and looking to join the audit committee, this session is for you. Equally, more experienced directors will find this a useful refresher. You will receive practical tips and insights into what should go well and what can go wrong in audit committees, how to interact with the board, auditors, regulators. We will also discuss risk and compliance and how these can be part of the audit committee remit.