As the business and regulatory environment becomes more complex, the asks of the Corporate Boards from their Audit Committees seem to increase manifold. Whether the Audit Committee member is a newly appointed director or a seasoned member of the Boardroom, there are many considerations to keep in mind.
Self-assessment tools help Audit Committee members understand the requirements, identify responsibilities and assess the present status vis-a-vis regulations and good practices; thus helping them discharge their roles effectively.
Audit committee meeting agenda builder
This tool is a worksheet that enlists the key responsibilities of the Audit Committee allowing members to determine the frequency of review of each of the items on the basis of criticality/regulatory requirement. Thus, determining whether or not a particular issue is to form part of a particular meeting agenda.
Audit committee effectiveness – Self assessment
The tool is designed in the form of a checklist of Audit Committee functions which have to be rated on a graded scale of perceived effectiveness in the areas of risk management, financial reporting and compliance, internal control environment, and corporate governance.
Specimen audit committee report
As a best practice, the Audit Committee should report its findings to the board, identifying any matters on which it considers that action or improvement is needed, and make recommendations on the steps to be taken. This tool provides a sample of the report that Audit Committees can consider for reporting to the Board.