Factsheet - Establishing a Skills Based Audit Committee

Factsheet

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Author

IIA-Australia

Date

2025

Topics Explored

Audit Committee

Format

Factsheet

Extract/Description

The skills required by audit committees in the twenty-first century have expanded considerably from audit committees in the second half of the last century to meet the ever-expanding suite of audit committee responsibilities. Prior to the 2000’s audit committees were predominantly made up of accountants, which was appropriate when audit committees had a substantially financial focus. Modern Audit Committees are a different proposition.

Key Points

1. Organisations should establish the necessary skills that are required in their audit committee. Individual members would not be expected to have all these skills, rather these skills should be held collectively by the audit committee.

2. All audit committee members are expected to possess appropriate personal attributes and behavioural qualities.

3. When selecting the audit committee chair, there will be other attributes that will need to be considered.

Relevant Industries

All

Level of Assumed Knowledge

Expert

Aligned to Global Internal Audit Standards

Yes