best practice for audit committees – critical fiduciary ... · page 2 session rules participate...
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SESSION RULES
► PARTICIPATE► RESPECT CONTRIBUTIONS BY OTHERS► THERE IS NO SUCH THING AS A SILLY
QUESTION► SHARE EXPERIENCES► NONE OF US IS BETTER THAN ALL OF US !!!
►CONTRIBUTE
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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YOUR POINT OF VIEW IS WELCOME
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
JPEG image
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WHICH ANIMAL BEST DESCRIBES THEAUDIT COMMITTEE ?
Ant Cow Goat TortoiseAntelope Crocodile Horse RabbitBear Crow Hyena RatBee Dinosaur Jaguar SheepBull Dog Kangaroo SlothButterfly Dolphin Koala SnakeCamel Donkey Ladybird SpringbokChicken Duck Leopard BeetleCheetah Eagle Lion TigerFly Gazelle Shark Whale
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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THERE IS SOMETHING USEFUL FOREVERYONE
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
COMPETENT
B 10
A8
6
4
2
UNCONSIOUS -9 -6 -3 3 6 9 CONSCIOUS
-2
-4
-6
-8
C D-10
INCOMPETENT
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SESSION OBJECTIVES
► DEFINE FIDUCIARY► DEFINE OVERSIGHT► AUDIT COMMITTEE OVERLAP WITH OTHER
BOARD COMMITTEES► ELEVEN BEST PRACTICE CONSIDERATIONS► EMERGING TRENDS IN AUDIT COMMITTEE
REPORTING► COMBINED ASSURANCE MODEL► QUESTIONS
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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DEFINITION OF FIDUCIARY
► A fiduciary is a legal or ethical relationship of trustbetween two or more parties. Typically, a fiduciaryprudently takes care of money for another person.
► Children or elderly people typically need a fiduciary.The person who looks after the assets on the other'sbehalf is expected to act in the best interests of the ...
► Fiduciary. An individual in whom another has placedthe utmost trust and confidence to manage andprotect property or money. The relationship whereinone ...
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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DEFINITION OF OVERSIGHT
the action of overseeing something."effective oversight of the financial reportingprocess"
synonyms: supervision, surveillance,superintendence, inspection, charge, care,administration, management, government,direction, control, command, handling,custody
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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OVERLAP OF AUDIT COMMITTEE WITHOTHER BOARD COMMITTEES
Best Practice for Audit Committees - Critical FiduciaryOversight Roles
COMMON NAMES OF AUDIT COMMITTEES:1) Audit Committee2) Audit and Finance Committee3) Audit and Risk Committee4) Audit and Oversight Committee
► WHAT DO THE EXTENDED NAMES IMPLY ?► WHAT IS THE LINK WITH THE
COMPENSATION COMMITTEE ?
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Critical Fiduciary Oversight Roles for AuditCommittees1) Risk oversight2) Working with internal auditors3) Oversight of internal controls4) Relationship with the independent auditor5) Working with management6) Committee composition and operations7) Self-assessment and evaluation8) Interaction with the compensation committee9) Executive sessions10) Training and education11) Financial reporting oversight
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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Internal Auditing & Risk Management
► The Risk Management andInternal Audit functionsreinforce each other:-
q The Risk Management function’sfacilitated risk assessment formsthe basis for the internal auditplan;
q Internal Audit critically reviews theeffectiveness and efficiency of therisk and control framework;
q The Internal Audit functionmonitors the risk response,including the effectiveness ofcontrols;
q Internal Audit results are used tofacilitate ongoing riskmanagement activities andimprovements.
RiskAssessment
AnnualInternal AuditPlan
Facilitates
Internal AuditExecution
Facilitates
Risk&ControlFramework
Results
in
Facilitates
Internal AuditReporting
Results
in
Facilitates
MaintenanceofRiskManagementSystem
Internal AuditERM
Mutual
Reinforcement
between
Internal Audit and
Risk Management
Review
Best Practice for Audit Committees - Critical FiduciaryOversight Roles
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Emerging trends in disclosures by auditcommittees
CATEGORY DISCLOSURE 2012% oftotal
2013% oftotal
2014% oftotal
Disclosure inthe AuditCommittee (AC) report
Statement that the auditcommittee independentName of audit firm included in ACreport
58%
71%
55%
71%
59%
71%
AuditCommitteeComposition
AC with 1 FEAC with 2 FEsAC with 3 FEs
33%16%51%
30%24%46%
33%14%54%
Audit committeeresponsibilitiesregardingexternalauditors
Statement that the auditcommittee is responsible forappointment, compensation andoversight of external auditor
40% 53% 65%
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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Emerging trends in disclosures by auditcommittees (cont..)
CATEGORY DISCLOSURE 2012% oftotal
2013% oftotal
2014% oftotal
Fees paid toexternal auditor
Explanation for change in feespaid to external auditorStatement that the auditcommittee is responsible for feenegotiationStatement that the auditcommittee considers non auditfees/services when assessingauditor independence
3%
1%
79%
5%
10%
79%
8%
19%
80%
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Emerging trends in disclosures by auditcommittees (cont..)
CATEGORY DISCLOSURE 2012% oftotal
2013% oftotal
2014% oftotal
Assessment ofexternal auditor
Disclosure of factors used in theaudit committee’s assessment ofthe external auditor work qualityand qualificationsStatement that the auditcommittee is involved in the leadpartner selectionStatement that the choice ofexternal auditor is in the bestinterest of the company and/orshareholderDisclosure of the year the leadpartner was appointed
16%
1%
4%
3%
19%
10%
24%
3%
31%
19%
46%
6%
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Emerging trends in disclosures by auditcommittees (cont..)
CATEGORY DISCLOSURE 2012% oftotal
2013% oftotal
2014% oftotal
Tenure of theexternal auditor
Disclosure of the length of theexternal auditor tenureStatement that the AC considersthe impact of changing auditorswhen assessing whether to retainthe current external auditor
26%
3%
31%
16%
50%
28%
Accessibility ofthe AC charter
Link available to site with charter 100% 100% 100%
Identification oftopicsdiscussed
Topics discussed by the AC andexternal auditor
8% 8% 8%
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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What is Combined assurance ?
1. A combined assurance model aims to optimise theassurance coverage obtained from management,internal assurance providers and external assuranceproviders on the (key) risk areas affecting thecompany.
2. The combined assurance provided by internal andexternal assurance providers and managementshould be sufficient to satisfy the audit committee thatsignificant risk areas within the organisation havebeen adequately addressed and suitable controlsexist to mitigate and reduce these risks.
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Insights on combined assuranceBackground
Best Practice for Audit Committees - Critical FiduciaryOversight Roles
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Insights on combined assuranceWhat will the combined assurance framework result in?
Best Practice for Audit Committees - Critical FiduciaryOversight Roles
InternationalBanking
InformationTechnology
Treasury Finance
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EXAMPLE 1 OF A RISK REGISTER
Best Practice for Audit Committees - Critical FiduciaryOversight Roles
Microsoft Excel97-2003 Worksheet
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Value scorecard example #1
Utilization
Leadingpractices
implemented
Cost savingsrealized
Training
Audit plancompletion
Trad
ition
alIA
KPI
sEm
ergi
ngIA
KPI
s
Risk areascovered
Underutilized At or above target
No training 100% compliance
Compliance only Leading practicesabove target
No quantifiedcost savings
Cost savingsabove target
Significantly delayedprogram
100% auditcompletion
Compromisedrisk coverage
100% risk coverage
Is our team fully utilized at all levels within theIA function?
How many IA recommendations on leadingpractices were implemented by business?
What cost savings has IA identified throughcontrol efficiencies or operationalrecommendations?
Has the IA team completed training, CPEcredits, and appropriate certifications?
What percent of the audit plan beencompleted?
Have all significant risks been monitored by IAthrough the audit plan?
Benchmarkingand business
insight
What type of external business insight andindustry benchmarking is brought to thebusiness by IA? No external
insightsBenchmarking onall targeted areas
Assessment of KPI
Subject-matterresources
What percent of the audit plan makes use ofsubject-matter resources to increase auditdepth/value? General IA
team onlySMRs brought intoall targeted audits
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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The objectives of Combined Assurance
1. A combined assurance model aims to optimise theassurance coverage obtained from management,internal assurance providers and external assuranceproviders on the (key) risk areas affecting thecompany.
2. The combined assurance provided by internal andexternal assurance providers and managementshould be sufficient to satisfy the audit committee thatsignificant risk areas within the organisation havebeen adequately addressed and suitable controlsexist to mitigate and reduce these risks.
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King III introduces combined assurance as arecommended governance practice
► “3.5. The audit committeeshould ensure that acombined assurance modelis applied to provide acoordinated approach to allassurance activities”
► “7.3.1. Internal auditshould form an integralpart of the combinedassurance model as internalassurance provide
Best Practice for Audit Committees - Critical FiduciaryOversight Roles
Combined assurancemodel
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The Source (Continued)
Principle 3.5 “The audit committee should ensure that a combinedassurance model is applied to provide a coordinated approach to allassurance activities”Ensure- How?
This means the Audit Committee should coordinate the work of allassurance providers using a suitable combined assurance modelmeant to address all significant risks facing a company
On What?Ø Financial controls (FCI)Ø Risk management processes (ERM)Ø Compliance (Regulatory)Ø OperationsØ IT Risks (Information Management and systems)Ø Sustainability (new requirement in King III focusing on social,
environmental and community impact of business activities).Best Practice for Audit Committees - Critical FiduciaryOversight Roles
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Benefits of combined assurance
Best Practice for Audit Committees - Critical FiduciaryOversight Roles
Numerous benefits could be achieved if combined assurance isimplemented in a balanced manner, which may include:► Maximising risk and governance oversight and control efficiencies► Optimising overall assurance to the audit and risk committee► Collaboration between audit and other assurance providers► A common view to risk► Providing a framework of how risks are covered by the various
assurance providers► Identifying areas of potential assurance gaps and facilitating the
implementation and management of improvement plans for the gapsidentified
► Better co-ordination of assurance providers reduces the risks ofassurance “fatigue”, identifies areas of duplication and createsopportunities for cost savings
► Improved degree of confidence that in assurance reports
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Insights on combined assuranceBackground
Best Practice for Audit Committees - Critical FiduciaryOversight Roles
► Within most organisations there are a number of assuranceproviders that either directly or sometimes subconsciously providethe board and management with certain assurances. The lack ofharmonisation between these assurance providers leads to thefollowing issues:► These functions are usually loosely aligned, connected via
informal channels and working with different riskcategorisations, terminologies, approaches and rating scales
► They interact independently with business units and linemanagers across the value chain
► Assurance ‘’fatigue’’ among line managers due to multipleuncoordinated interactions with risk and assurance functions
► Executive management and Board of Directors (BoD) receivingdifferent unaligned reports containing redundant or evenconflicting information
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Insights on combined assuranceWhat will the combined assurance framework result in?
Best Practice for Audit Committees - Critical FiduciaryOversight Roles
► A co-ordinated and relevant assurance effortfocusing on significant risk exposures
► Improved reporting to the Board and AuditCommittees including reducing the repetitionof reports being reviewed by the differentcommittees
► Alignment and co-ordination between thedifferent assurance providers
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )1) Financial reporting oversightA primary responsibility of the audit committee is to overseethe integrity of the company’s internal controls over financialreporting, accounting and reporting practices and financialstatements. As financial reporting becomes more complex,the audit committee should determine whether the financialstatements are understandable and transparent.
Leading practices• Consider whether the company reports information that isreliable and understandable
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Continually evaluate capabilities of company personnel• Understand complex accounting and reporting issues, suchas fair value accounting and related assumptions, and howmanagement addresses them• Continue to focus on matters such as potential assetimpairments, quality of earnings, cash flows and liquidityposition, pension and major obligations and other ongoingbusiness, risk and financial statement issues affected byeconomic conditions• Review significant financial reporting and regulatorydevelopments, including their effect on the financialstatements and on the company’s resource needs
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Invest time in understanding the company’s operations andsignificant risks• Assess the quality of the accounting principles and theirappropriateness, considering alternative treatments
2) Risk oversightRisks by their very nature are uncertain and can affect allareas of a business. The audit committee’s role is to reviewand challenge, where appropriate, the company’sassessment of its risk profile and determine that riskmanagement processes are in
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )place, especially those affecting financial reporting andreputational risks.
Leading practices• Understand the company’s framework for risk assessmentand management’s related policies and procedures• Understand how the company documents and responds toidentified risks• Review whether the company is appropriately focusing onits risk intelligence gathering and assessment processes,and understand the company’s ability to both identifyemerging risks and anticipate risk events
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Review whether the risk disclosures in the financialstatements are appropriate, robust and understandable• Review the company’s major financial risk areas andunderstand the adequacy of controls and monitoringprocedures in place• Periodically reassess the list of top risks, determining whoin management and which board committees areresponsible for each• Meet directly with key executives responsible for riskmanagement and focus on whether they understand thatthey should inform the committee of extraordinary risk issuesand developments
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )that require the committee’s immediate attention outside ofthe regular reporting process• Focus on the company’s plans for achieving anyinformation technology (IT) milestones, especially for ITtransformation projects, given the importance of IT to mostorganizations• Understand the use, if any, of emerging technologies suchas cloud computing, as well as their relevance to thecompany and the associated risks• Understand whether IT security processes are updatedappropriately
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )3) Oversight of internal controlsInternal controls form an integral part of a company’senterprise risk management. While the audit committee’skey focus is on internal controls over financial reporting, thatfocus is expanding to assist with the board’s legal andregulatory compliance efforts.
Leading practices• Understand key controls and financial reporting risk areasas assessed by financial management, the internal auditorand the independent auditor, as well as mitigating controlsand safeguards
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Understand risk issues involving taxes• Understand internal audit’s role and planned coverage• Meet with the head of internal audit on a regular basis• Assess and help set the company’s tone at the top• Consider levels of authority and responsibility in key areas,including pricing and contracts, acceptance of risk,commitments and expenditures• Monitor implementation of significant internal controlchanges• Determine whether the company devotes the resourcesrequired for its internal control processes to functioneffectively
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )4) Relationship with the independent auditorOverseeing the independent auditor is a keyresponsibility of the audit committee. The audit committeeappoints the independent auditor, assesses itsindependence, discusses the audit scope and results anddetermines the independent auditor’s compensation. Candidand open communication between the independent auditorand audit committee is imperative for a productiverelationship.
Leading practices• Exercise ownership of the relationship with the ext auditor
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Get to know the lead partners and meet with themperiodically• Establish expectations about the nature and method ofcommunication, as well as the exchange of insights• Review the proposed audit plan and scope of work• Engage in regular dialogue outside the scheduled meetings• Focus on independence• Consider the findings from the audit and determine thatmanagement responds to the findings• Discuss with the auditors their views regarding thecompany’s internal controls over financial reporting
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Seek the auditor’s views on the effectiveness of thecompany’s governance process• Provide formal evaluations of the auditor as well as regularfeedback
5) Working with managementAudit committees rely heavily on management and thereforeneed an open and effective relationship. The committeeshould meet with the finance department, the legal counsel,and compliance, risk and ethics officers. Many auditcommittees are expanding these lines of communication toinclude business unit leaders, treasury and tax functions and
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )the chief information officer.
Leading practices• Focus on the tone at the top, culture, ethics and hotlinemonitoring• Work with management to anticipate and identify emergingissues• Provide input to management’s goal setting• Discuss succession planning for the CFO and staff• Conduct annual evaluations assessing management'scompetency and integrity
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )6) Working with internal auditorsAs audit committees take on increasing responsibilities,many are interacting with the company’s internal auditorsmuch more frequently, whether in relation to internalcontrols, compliance matters, “whistle-blower” hotlines orother matters.
Leading practices• Determine whether the internal auditors have a directfunctional reporting line to the audit committee and anindirect line to senior management for administrativeactivities
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Be involved with the internal audit risk assessment andaudit plans, including activities and objectives regardingcompliance with regulations• Understand whether the internal audit department isviewed as objective and competent by the independentauditors• Establish how the internal audit function relates to otherrisk related functions, such as legal, security, environmentalhealth and safety, compliance and credit risks, consideringduplication of efforts or gaps between these functions• Conduct annual evaluations assessing the effectivenessand competence of the internal audit department
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )7) Committee composition and operationsThe committee’s composition is an important part of itseffectiveness. The appropriate level of skill, commitment andavailability of its members is critical to the committee’s abilityto perform its responsibilities effectively. A range of diverseperspectives and thinking helps strengthen the quality ofaudit committee deliberations and provides real value tocompanies and shareholders.
Leading practices• Focus on committee composition issues, includingindependence, financial expertise, broad business or
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )leadership experience, and succession planning• Evaluate the expertise and competence of the members inthe context of the company’s strategy and risk profile todayand for the next several years• Consider the ability to work collectively, to challengedecisions in a credible manner and to avoid groupthink• Help promote healthy scepticism among fellow committeeand board members• Consider periodically rotating audit committee members,staggering the terms of service to bring in new skills andperspectives• Engage independent advisers as necessary
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Align audit committee meeting materials and agendas withpriority areas• Present compliance matters, standard reports andinformational items at the end of advance material packagesand meetings• Follow meetings with private and executive sessions withindependent auditors and the internal auditor
8) Self-assessment and evaluationTo be successful, an audit committee must understand itsresponsibilities and monitor its effectiveness, identifyingimprovement needs and opportunities. Regular performance
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )evaluation enables the audit committee to determine that it ismeeting the expectations of its members, the full board andregulators. An effective performance assessment processhelps the audit committee prioritize focus areas and can helpidentify areas for continuing education.
Leading practices• Perform a self-assessment in a thorough and thoughtfulmanner rather than treating it as a compliance exercise• Consider evaluating the performance of individualcommittee members and assessing the effectiveness of thecommittee as a whole
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Consider using self-assessment results as a catalyst to re-engineer processes, procedures and agendas, which shouldinfluence where the audit committee is spending time• Communicate with the board on activities andrecommendations• Consider the committee’s composition in the context of thecompany’s current and future strategy and challenges
9) Interaction with the compensation committeeWhile overseeing the assessment and disclosure ofcompensation-related risks is mainly the role of thecompensation committee and the full board, the audit
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )committee can help assess how certain financial metrics areemployed in the company’s compensation plans. Thecommittee can also review the proxy statement, thecompensation discussion and analysis, and otherdisclosures.
Leading practices• Coordinate with the compensation committee to helpassess how certain financial metrics are employed in thecompany’s compensation plans and to review the proxystatement• Periodically conduct meetings with the compensation
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )committee about management incentives and related topics• Consider, in conjunction with the compensation committee,the appropriateness of the incentive structure and whether itcontributes to increased fraud risk• Determine whether adequate and appropriate focus isbeing paid to the compensation of officers and directors,including the appropriate use of corporate assets such asvehicles andapartments
10) Executive sessionsAudit committees are increasingly holding private sessions,
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )often with internal audit, the independent auditor andmanagement. Audit committee members may use this timeto explore matters in greater detail, reflect on issues,evaluate what is working and what opportunities exist forimprovement, and identify follow-up actions.
Leading practices• Schedule regular sessions with and without internal audit,the independent auditor and management• Schedule regular sessions with various members ofmanagement, such as the CFO, controller, general counseland others as appropriate
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Consider private audit committee sessions both before andafter meetings with the internal auditor, the independentauditor and management• Provide clear objectives and expectations for each meeting• Prepare specific topics and questions• Understand the response and resolution for each issueraised
11) Training and educationAudit committee members — especially those who are newto the role — need sufficient training and education to fulfiltheir responsibilities. At a minimum, the education programs
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )should provide an overview of the company, cover the role ofthe audit committee and convey the expected timecommitment of the position. Any new audit committeemember also should meet with senior management,controllers, business unit leaders, internal audit, independentauditor and other committee members.
Leading practices• Make sure that board education as described in thecompany’s corporate governance guidelines is consistentwith best practice• Provide orientation for new audit committee members
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EXTENDED NOTES ON CRITICAL ROLES OFAUDIT COMMITTEES ( for individual use byparticipants )• Consider offering continuing education in specialized orregulated industry matters, industry trends, reporting,operations and regulated topics• Consider customized programs of continuing education thataddress topics relevant to the committee’s needs andincorporate company-specific processes and objectives• Offer one-on-one and committee-level education
Best Practice for Audit Committees - Critical Fiduciary Oversight Roles
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