PART 3

Checklists and proforma

Part 3 of the Guide consists of: a number of checklists relating to particular areas of responsibility of Audit Committees; a checklist to assist in guiding discussions with the Chief Executive/Board; a proforma forward meeting schedule and self-assessment questionnaire.

Completed checklists should be retained in the Audit Committee’s records to evidence the committee’s deliberations.

Committee checklists

The committee checklists are designed to assist the Audit Committee’s consideration of each area of responsibility through the review of material, discussion or presentations from management representatives of the entity.

Each checklist should be tailored to meet the entity’s particular circumstances.

A ‘no’ or ‘partially met’ response may indicate where more detailed discussion is warranted or where specific follow-up action by the committee is warranted.

Management checklists

The Audit Committee may wish to implement a more formal and systematic process in discharging its responsibilities.

These checklists are one approach the Audit Committee may wish to take. The checklists are a series of questions that management is required to answer and submit to the Audit Committee to provide assurance that appropriate arrangements are in place in respect of particular aspects of the committee’s responsibilities. In implementing this approach the Audit Committee will need to determine which members of the entity’s senior management team should be responsible for signing the checklist.

Each checklist should be tailored to meet the entity’s particular circumstances.

A ‘no’ or ‘partially met’ answer does not necessarily indicate a failure or deficiency, but may point to the need for specific action to be taken by management.

Download Cheklists and Proforma :

PDF of Checklists And Proforma [0.5MB]

 

---

Previous: Model Audit Committee charter—CAC entity

Next: Reference