Ten Habits of Highly Effective Audit Committees

Agribusiness

By: Dennis Gardiner, Partner |  email

Here are ten excellent tools and practices for improving your audit committee performance, and to help take it to the next level.
  1. Develop and abide by a Charter that defines the committee by its purpose, authority, and responsibility.
  2. Define the necessary qualifications of committee members.
  3. Select core values for the committee to abide by that also reflect those of the organization.
  4. Establish procedures that foster communication, dispute resolution and participation within the committee.
  5. Establish regular communication with management.
  6. Include all committee members when setting the next meeting’s agenda.
  7. Avoid conducting committee business between meetings.
  8. Create procedures for making decisions and resolving stalemates.
  9. The first item on every meeting agenda should be to recap the previous meeting.
  10. The last item on every meeting agenda should be a summary of that meeting’s outcomes.
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