Audit Committee

Key responsibilities of the audit committee include:

  • Having an effective relationship with management, the internal auditors, and the independent auditor
  • Taking a "risk-intelligent" governance approach
  • Overseeing the establishment of appropriate controls and antifraud programs
  • Overseeing dissemination of earnings press releases, financial information, and earnings guidance
  • Monitoring a robust code of ethics
  • Establishing a process for investigating allegations, especially those against senior management.

Dig Deeper

Audit Committee Brief, August 2010

Healthcare Reform – What Audit Committees Need to Know

The Patient Protection and Affordable Care Act, passed by Congress in March 2010, drastically changes the health care delivery system in the United States. While management is responsible for compliance with the act and related legislation, it is important for audit committees to understand management’s approach, including the effects on financial reporting and disclosures, internal controls, and tax provisions.

Publication date: 8/2010 | File size: 307 KB

Audit Committee Resource Guide

Deloitte's Audit Committee Resource Guide helps audit committee members and management better understand the requirements, roles, and responsibilities of the audit committee. Supporting tools, including a sample charter and planning tool for an audit committee's calendar of activities, are available on our Audit Committe Resource Guide page.

Publication date: 4/2010 | File size: 6.3 MB

Audit Committee Leading Practices and Trends

This document summarizes certain leading practices for audit committees. It can be used to assess audit committee practices and to discuss agendas and other considerations with the audit committee chairman.

Publication date: 4/2010 | File size: 55 KB

Audit Committee Composition Considerations

  • Focus on committee composition, including independence, financial expertise, broad business or leadership perspective, industry knowledge, and succession planning.
  • Consider rotating audit committee members periodically.
  • Engage independent advisers to help evaluate the audit committee’s performance when necessary.

Audit Committee Effectiveness Center

The AICPA presents the guidance and tools to make audit committee best practices actionable.

The AICPA Audit Committee Toolkit: Public Company

Posted with permission. Copyright 2004 by the American Institute of Certified Public Accountants, Inc., New York, New York.