What are elements of an effective audit committee?
A panel at the 2014 World Congress of Accountants explored the qualities of an effective audit committee. Interestingly, their recommendations included:
- 01
Diverse mix of skills and expertise including a greater knowledge of technology;
- 02
Access to external experts when necessary;
- 03
An eye to future risks;
- 04
Communication skills to engage other committee members, management, external auditors, and internal auditors;
- 05
A robust definition of independence.
For more information on effective audit committees, please see the referenced article from the Journal of Accountancy, or contact Eric Van Dop at (231) 726-5855, or evandop@brickleydelong.com.