1 / 8

Audit Committee and Corporate Governance

Audit Committee and Corporate Governance. The European Confederation of Institutes of Internal Auditing (ECIIA). Founded in 1982 Confederation of 32 countries Management Board from 8 countries No individual members only countries Representing approx. 30,000 internal auditors. ECIIA Purpose.

shika
Download Presentation

Audit Committee and Corporate Governance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Audit Committee and Corporate Governance

  2. The European Confederation of Institutes of Internal Auditing (ECIIA) • Founded in 1982 • Confederation of 32 countries • Management Board from 8 countries • No individual members only countries • Representing approx. 30,000 internal auditors

  3. ECIIA Purpose • To represent internal audit to European Union and any other European institutions of influence • To promote the profession within the wider geographic area of Europe and the Mediterranean basin

  4. Monitor the effectiveness of the company’s:- internal control,- internal audit where applicable- risk management systems • Very broad assignment from risk identification to risk management and check of the efficiency of the internal control procedures • Control organisation is complex

  5. How can the audit committee achieve its reinforced role ? • The Audit Committee is ideally placed • It has free access to any individual, information, data • It can ask for external resources with management agreement • But : • It has limited member resources and time • It is very difficult to encompass a very large organisation

  6. What are some of the ingredients to be successful ? (1/2) • Build an Audit Committee with the right profiles (skills & behaviours) and good understanding of the business • Develop a strong interaction with Internal Audit • Review carefully the company risk mapping and risk assessment • Get a sense of the risk culture in the field • Discuss with management out of formal committees

  7. What are some of the ingredients to be successful ? (2/2) • Be flexible – a yearly approach is out of date • Require well structured information from the company • Build a network of Audit Committees in large organisation to be closer to the business • Think in term of system, view all the risk stakeholders as a combination

  8. Key points • Quality of individuals • Company culture • Internal audit link • Control system A challenging new posture for Audit Committees

More Related