- Foreword and Introduction
- 1. Introduction
- 2. The Audit Committee’s functions and responsibilities
- 3. Membership of the Audit Committee
- 4. Relationships with key stakeholders
- 5. Conduct of the Audit Committee
- 6. Assessment of the Audit Committee’s performance
- Part 2
- Part 3
PDF of Checklists And Proforma [0.5MB]
A good relationship with external audit  can provide the Audit Committee with valuable insights into the effectiveness of the entity’s risk, control, financial reporting and legislative frameworks. The Audit Committee would benefit from actively engaging with external audit on its full range of responsibilities.
Audit Committee external audit responsibilities
An Audit Committee’s responsibilities in relation to external audit would generally be to:
Part 3 includes a committee checklist in relation to external audit (page 109).
. The external audit function for FMA and CAC entities is carried out by the Auditor-General as provided for by the Auditor-General Act 1997.
. See Section 46 of the FMA Act.
. This may involve seeking advice from external audit on the nature and impact of changes in accounting and auditing standards and the Finance Minister’s Orders.
. See FMA Regulation 22C(4)(i).
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