Audit committee terms

About this business activity

The audit committee oversees the financial reporting process and audits of the organization to ensure transparency and accountability.

Executive Summary For The Audit Committee Of Premium Listed Companies For Tax Year 2019 And Beyond (Terms Of Reference)

The terms of reference for the audit committee of a premium listed company for financial years beginning on or after 1 January 2019 are as follows: The audit committee must be composed of at least three members, all of whom are independent non-executive directors.The audit committee must have at least one member with recent and relevant financial experience.The audit committee must meet at least twice a year, and must have access to the company’s auditor.The audit committee must review the company’s financial statements, and must discuss these with the auditor.The audit committee must review the auditor’s report, and must discuss this with the auditor.The audit committee must review the company’s risk management procedures, and must discuss these with the management.The audit committee must review the company’s internal control systems, and must discuss these with the management.

What to watch out for

  • The audit committee should be composed of at least three members, all of whom are independent non
  • executive directors.
  • The audit committee should have at least one member with recent and relevant financial experience.
  • The audit committee should have a written charter that sets out its purpose, responsibilities, and authority.
  • The audit committee should meet at least four times per year, and should have regular access to the company's management, auditor, and internal audit function.
  • The audit committee should oversee the company's financial reporting process and internal controls, and should review and discuss the company's financial statements with management prior to their release.
  • The audit committee should discuss the results of the external audit with the auditor, and should review and approve the auditor's fees and scope of work.
  • The audit committee should oversee the company's risk management process, and should review and discuss the company's risk profile with management on a regular basis.
  • The audit committee should have the authority to engage independent advisors, at the company's expense, to assist it in carrying out its duties.
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    Relevant Contract Types

    📃 Audit committee terms of reference

    The audit committee terms of reference covers the committee's purpose, responsibilities, and composition. The committee's purpose is to oversee the financial reporting process and the audit of the financial statements. The responsibilities of the committee include selecting the independent auditor, reviewing the independent auditor's report, and monitoring the auditor's independence. The composition of the committee should be determined by the board of directors.

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