- 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 Chair of the committee, in consultation with the Chief Executive/Board, should monitor the opportunities for further education of the committee and individual members in such areas as risk management, fraud control, program management, legal compliance, information management and security, and financial management and reporting.
Strengthening or updating the knowledge of the committee members may take a number of forms, such as:
- attendance at relevant seminars or courses;
- providing written material/guidance;
- presentations by the Chief Financial Officer, Chief Information Officer, Head of Internal Audit, and other senior managers; and
- discussions and presentations from internal and external audit.
Information and training provided to Audit Committee members should be tailored to the individual knowledge and expertise of the members and include developments in financial reporting as required by legislation, government requirements, and the accounting standards.
Better practice committees will periodically request presentations from management and/or subject-matter specialists on specific topics or developments to improve members’ understanding of the entity, and support ongoing training requirements for committee members. Presentations may cover topics such as:
- entity governance arrangements;
- specific policy or program initiatives; and
- business initiatives and risks.
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