Audit Committee Effectiveness Survey
Audit committees can demonstrate their leadership and commitment to good corporate governance and accountability to stakeholders by conducting an independent review of their effectiveness.
Most audit committees are responsible for overseeing:
- risk management
- internal controls and compliance
- financial reporting, and
- the internal and external audit function.
All of these are very important areas of oversight in most medium and large organisations and many boards rely heavily on the input and expertise of their audit committee accordingly.
It is important both for board members on the audit committee and also for those not on the audit committee that a thorough review of the committee's effectiveness is carried out on a regular basis.
Audit Committee Effectiveness Survey
The purpose of the Audit Committee Effectiveness Survey is to identify actions which can be taken to improve the effectiveness of an audit committee's oversight.
Issues of the audit committee's structure, composition, meetings and reporting are also addressed. Committee members are taken through a comprehensive range of issues relevant to their oversight in a structured way.
The Audit Committee Effectiveness Survey benchmarks the effectiveness of audit committees against comparable organisations, whether they be public and private companies, government and not-for-profit entities.
Consulting
An audit committee review can be done by using the Audit Committee Effectiveness Survey, either separately or in conjunction with committee member and management interviews, reviews of committee charters, agendas, committee papers, minutes and the like by experienced board and audit specialists.
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