Audit Committees: A Guide to Good PracticeAICD, 2008 - 52 pages "Role and responsibilities of Audit Subcommittees of Boards. Provides a practical introduction to the role of and responsibilities of the audit committee. Explains the context in which an audit committee typically operates and outlines good practice. Reflects developments in audit committee practice, legislation and gudance from regulatory bodiesand leading global board practices since 2001."--Provided by publisher. |
Contents
Introduction | 5 |
Relevant company objectives | 14 |
Getting the right membership balance | 32 |
Conducting meetings | 38 |
Appendix A sample audit committee charter | 45 |
Further reading | 51 |
Common terms and phrases
accounting action agenda and/or annual applicable appointment appropriate approval areas Assessing assist assurance ASX Corporate Governance attend audit committee meetings audit committee members Australian authority chair changes charter committee's Communicating company's complete compliance comply composition conduct consider consistent Corporate Governance Council cover determined developed directors discharge disclosure Discussing duties effectiveness engagement ensure entity established ethics example executive external auditors financial report findings formal framework fraud function identified implementation important independence Index individual industry Institute of Internal interest internal and external internal audit activity internal audit plan internal control issues least listing rule maintain management's material business risks matters membership monitoring objectives obtain officer operation organisational overseeing oversight party performance periodic person policies practice prepared procedures programs proposed recommendations reference relationships relevant requirements responsibilities Review risk management scope significant Standards structure transactions typically include understand