The Role of the Audit Committee in Corporate Governance

Audit committees are a fundamental part of the proper governance of any organization, together with the executive management and internal as well as external audit. This webinar will explore the role of the audit committee in corporate governance and risk management.

Why Should You Attend:

This role, of necessity, involves ensuring that the risk management process remains both comprehensive and ongoing instead of the annual process that is implemented in many organizations. Corporate policies regarding legal compliance, compliance with corporate codes of conduct, and conflicts of interest must be maintained and policed. In addition, the audit committee has a duty to review both current and pending legislation as it relates to corporate governance within the country or countries wherein it operates.

This webinar will highlight the structure and role of the audit committee in line with its responsibilities pertaining to these corporate policies and compliance measures. The instructor will discuss best practices for evaluating the performance of audit committees in risk and fraud related issues.

Communication is the key to good governance and includes ensuring that the financial statements presented to the shareholders are both understandable and reliable, and facilitates internal communication with senior management and the internal audit team. Communication with internal audit should go beyond the scheduled committee meetings, and the CAE should be encouraged to communicate with the chair of the audit committee directly. The webinar will further cover best practices and strategic planning for all the above.

Learning Objectives:

The webinar is designed to provide participants with an in-depth knowledge of:

• The structure and roles of the audit committee
• Current trends in audit committee responsibilities
• Evaluating the performance of their own audit committees in risk and fraud related issues
• What is meant by and required in terms of whistle-blowing reactions

Areas Covered in the Webinar:

• Oversight of financial reporting
• Oversight of independent external auditors, component auditors, and internal audit function
• Oversight of internal controls and compliance
• Non-financial risks
• Qualifications and background of members
• Tone at the top and middle, and culture and code of conduct
• Bribery and emerging market risks
• Special investigations and protocols
• Understanding of business model, accounting policy choices, estimates and judgments, and implications for fraud
• Coordinated, independent assurance
• Reporting of oversight functions to audit and risk committee
• Whistle-blowing best practices and role of audit committee

Who Will Benefit:

• Executive Management
• Risk Management
• Internal Auditors and Supervisors
• Audit Management
• External Auditors