Ten Habits of Highly Effective Audit Committees
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.
- Develop and abide by a Charter that defines the committee by its purpose, authority, and responsibility.
- Define the necessary qualifications of committee members.
- Select core values for the committee to abide by that also reflect those of the organization.
- Establish procedures that foster communication, dispute resolution and participation within the committee.
- Establish regular communication with management.
- Include all committee members when setting the next meeting’s agenda.
- Avoid conducting committee business between meetings.
- Create procedures for making decisions and resolving stalemates.
- The first item on every meeting agenda should be to recap the previous meeting.
- The last item on every meeting agenda should be a summary of that meeting’s outcomes.