- 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]
The Audit Committee should have a formal process to induct new committee members that provides them with sufficient briefings and information to understand their responsibilities and the expectations of the Chief Executive/Board about their role and performance.
The extent of each member’s induction will vary depending on whether they are an internal or external member, their role (if any) within the entity and their particular knowledge and experience. As a minimum, all new members should be briefed by the Chief Executive/Board and the Chair of the Audit Committee and be introduced to the Chief Financial Officer, the Chief Information Officer, Head of Internal Audit and other senior managers and the external auditor.
The information provided to new members should be tailored to meet their individual requirements and can include the information listed below.
Information for new Audit Committee members
The available information for new committee members should include:
When an external member joins the committee, it may be appropriate for more detailed information or presentations to be provided from various managers within the entity to assist the new member to gain the necessary understanding of the business. This could include site visits to assist in understanding the operations of the entity.
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