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• W289207163 abstract "EXECUTIVE SUMMARY * To ensure that your committee is up to its mission, you must first define the mission by drafting a strong charter that identifies audit committee functions, authority and responsibilities, along with the skills and experience its members must possess. * Success is not automatic. Specify critical success factors as competencies audit committee members must possess for the committee to discharge its duties and function effectively. * Committees need to know what their core values are. Open communication, equitable dispute resolution and the active participation of all members are critical. * The committee needs to be free and willing to interview anyone it chooses. This can be aided by providing a safe haven for interviewees, but the committee should not avoid asking incisive questions and taking action on its findings. * All members should be involved in setting the agenda. Meetings should be carefully planned so that priority business is acted upon in a timely manner. * Decision-making processes need to be determined before a crisis occurs. Each committee needs to evaluate its unique needs when laying out its ground rules. * Meetings should start and end with summaries so that all members have a common understanding of what has transpired and what the priorities are. ********** In the five years that have passed since the Sarbanes-Oxley Act gave audit committees greater responsibility for overseeing public companies' accounting, reporting, internal controls and audits, many of these corporate governance watchdogs have become quite adept at performing their expanded duties. Others, though, have not developed this expertise as rapidly as others. This article offers eight time-tested best practices for improving numerous aspects of audit committee performance, as well as insights from three seasoned CPAs who have led or served on the audit committees of many organizations. 1. Create and adhere to a written charter that identifies audit committee functions, authority and responsibilities and the skills and experience its members must possess for the committee to discharge its duties and function effectively. Without a strong written charter to guide it, an audit committee is unlikely to know where it's going, much less how to get there. The charter should specify what skills and experience audit committee members need to help the group achieve its goals. At least one member should be a financial expert, as defined by SOX and the SEC (see Exhibit 1). The charter also should specify frequency of meetings, topics to be covered, and the nature and frequency of the committee's communication with the organization's senior managers, as well as its internal and external auditors. [ILLUSTRATION OMITTED] One of the charter's most important functions is its record of the various powers and authorities the committee must possess, independent of the organization's senior management. The audit committee should be free to obtain the information it needs to I assess adherence to rules, regulations and the organization's core values. An audit committee that has adequate authority to ask appropriate questions and get informative answers is in a better position to provide useful commentary and recommend necessary action. This ensures the organization and management are responsive to stakeholders, whether they are shareholders in an SEC-registered corporation or bond-holders with a stake in the fiscal management of a municipal government agency. The SEC requires audit committees of listed companies to prepare an annual audit committee report. When applicable, this requirement should be written into the charter. Although an annual report may not be required for some organizations, it is good practice for a committee to resolve to prepare one. Other audit committee functions and powers laid out in its charter should include: * Hiring outside counsel and consultants whenever necessary. …" @default.
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• W289207163 modified "2023-09-23" @default.
• W289207163 title "Eight Habits of Highly Effective Audit Committees Tools to take your committee to the next level" @default.
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