Regulation, increased external expectation and heightened governance standards are placing audit committees under intense scrutiny
Each year the audit committee should assess if it is effectively carrying out its duties, in relation to local regulatory requirements and good governance guidelines.
Here, we discuss the five burning issues that should be at the top of any audit committee agenda. We also pose a series of questions that committee members should ask themselves when considering each issue.
Risk Management is falling between the gaps. Many audit committees are unsure or inconsistent in the application of their responsibilities towards risk management. Our view is that Management are responsible for risk management whilst the audit committee is responsible for ensuring the process of risk management is robust.
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