Audit Committee
What is Audit Committee?
A committee of the board of directors responsible for overseeing financial reporting, internal controls, and audit activities. Audit committees are required for publicly listed companies and play a key role in corporate governance.
Terms that appear alongside audit committee
Each of these is named in at least one of the same controls as audit committee. The number is how many controls name both.
- audit 27 shared controls
- governance 9 shared controls
- due diligence 7 shared controls
- compliance 7 shared controls
- remediation 6 shared controls
- risk appetite 6 shared controls
- internal audit 6 shared controls
- risk committee 6 shared controls
Frameworks that govern audit committee
What the standards actually require on audit committee
Requirements naming audit committee across 6 standards, quoted from the control text.
The IRM Risk Architecture + Strategy + Protocols (RASP) framework defines the governance + structural + behavioural enabling elements of effective enterprise risk management.
IRM-Architecture-Strategy-Protocols-Appetite-Culture-Board-Audit-Committee-CRO-Three-Lines · IRM RASP - Risk Architecture + Strategy + Protocols + Risk Appetite Statement + Risk Culture + Board + Audit Committee + Chief Risk Officer + Three Lines of Defence + Tone at the Top →The audit committee oversees ICFR, financial reporting, and external auditor independence with documented charter and meeting cadence.
ENT-2 · Audit Committee Oversight →Sapin II Pillar 3 - Corruption Risk Mapping (Cartographie des risques de corruption). REQUIREMENTS: a documented + risk-based + regularly-updated MAPPING of corruption risks across the organization.
Sapin2-Pillar3-Risk-Mapping · Pillar 3 - Corruption Risk Mapping (Cartographie des Risques) →Per PCAOB AS 2201 paragraphs 70, 85-90: report on ICFR. Requirements include (a) determine Impact on Audit Opinion based on deficiency conclusions + material weakness findings + scope limitations + (b) issue Opinion on ICFR addressing whether the company maint...
ASTWO-8 · ICFR Opinion, Basis, Definition, Limitations, Combined vs Separate Reports →The institution must ensure that compliance with and the effectiveness of the risk management framework is reviewed by internal or external audit at least annually, with results reported to the Board Audit Committee, the senior officer outside Australia or the...
CPS220-11 · Annual Audit Review of the Framework →Internal audit must review any proposed material arrangement that would outsource a critical operation, and must report regularly to the Board or Board Audit Committee on whether such arrangements comply with the entity service provider management policy.
CPS230-49 · Internal Audit Review of Proposed Critical Operation Outsourcing →Questions people ask about audit committee
What is Audit Committee?
Why is Audit Committee important for compliance?
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See how Audit Committee applies across compliance frameworks
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