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How can we design the committee’s processes to make the most effective and efficient use of our time?
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What is the desired level of coordination between the audit committee, management, and the internal and external auditors?
What type and level of information should management be presenting to the audit committee?
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How can we design the committee’s processes to make the most effective and efficient use of our time?
The audit committee’s processes should be designed in such a that the audit committee understands the issues associated with corporate governance, and evolving accounting/ auditing regulatory environment. The audit committee should incorporate process that will bring about strong corporate governance. It is not merely a matter of committee’s processes but also the legal requirements that the audit committee must fulfill For instance there are requirements under the Sarbanes Oxley that the audit committee must fulfill. The audit committee should go through the entire regulatory landscape to function effectively and efficiently. The audit committee should have a Charter Matrix. This has items like the steps the committee has to take to accomplish an objective, the expected deliverables, the expected deadline and the actual completion date. The Charter Matrix goes a long way in improving the effectiveness …
