IIA Prepares Helpful Guide to Audit Committees

The front page of the Institute of Internal Auditors website links to a brouchre entitled "Audit Committee: Purpose, Process, Professionalism." The brouchre (p. 3) lists responsibilities of an audit committee to include ensuring that financial statements are reliable and understandable, monitoring the risk management program, helping to achieve strong internal controls, reviewing corporate policies for compliance with laws, regulations and ethical standards, regularly communicating with senior management, maximizing access for internal auditors and maintaining dialogue with external auditors. Also included is a best practices list (p. 4), a summary of how audit committees can add value to the business (p. 8), a checklist of 20 basic questions (p. 9) and developing a charter or policy statement (pp. 10-11).

The brouchre is well done and recommended for new audit committee members, boards of directors of not-for-profit organizations and faculty covering internal auditing or auditing.