Audit Committees are expected to play a vital role in governance and in building trust in corporate reporting. Audit Committees therefore need members who have appropriate levels of expertise and knowledge of the industry and of the company.
This course will explore the fundamentals of the role of the Audit Committee and the nature and essential qualities of its members, particularly the Audit Committee Chairman. The course will cover the relationships with all key stakeholders and will examine all the key information flows and decision processes.
The course will be led by a governance and audit expert who has been involved with attending and presenting at Audit Committees for over 25 years. The course will equip participants with an understanding of the appropriate levels of knowledge and expertise and an awareness of the mechanisms and priorities for audit committees in todayâ€™s complex and highly regulated financial services world.
It provides an opportunity for participants to update their knowledge and to explore the available mechanisms to deliver the effective Audit Committee support necessary in order to fulfil their roles.
This advanced four day course is a vital overview to the Audit Committee support practices and mechanisms that exist in listed companies, banks and other financial institutions. Practical guidance will be provided on such issues as:
PLUS: The course will contain a variety of training activities that include:
By attending this strategic four day course you will be able to:
This course has been designed specifically for Audit Committee members and those directly involved in supporting and preparing information for Audit Committees.
This course will broaden the awareness of members of and advisers to Audit Committees and provide appropriate levels of oversight of financial reporting, audit quality, and other risks on the committee’s agenda.
The Role and Responsibilities of Audit Committee Members
What does an Audit Committee Do?
Case study: Develop and prioritise a typical Audit Committee terms of reference
What are the Audit Committee Essentials?
Case study: Looking at the essential qualities of an Audit Committee member
Overview of the Relationships with Key Stakeholders
The Finance Team
Case study: Understanding the structure of a typical report and accounts, including examples of good and poor annual reports
Case study: Reviewing and evaluating an external audit proposal
Case study: Reviewing a typical internal audit report to an audit committee
Audit Committee Activities
Membership and Attendance
Case study: Assessing some examples of good and poor Audit Committee minutes
Guidance on what must be Included in the Audit Committee Report
Case study: Reviewing examples of good practice Audit Committee reports
Case study: Real life whistleblowing examples and outcomes
Audit Committee Effectiveness
Case study: Assessing some real life examples of challenging situations for audit committees
Annual Reviews of External and Internal Audit Effectiveness
Annual Review of Audit Committee effectiveness
Case study: Real life findings from independent board and Audit Committee effectiveness reviews
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