IIA-Australia Factsheet - Audit Committee Work Plan

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Author	IIA-Australia
Date	2022
Topics Explored	Audit Committees
Format	Factsheet
Extract/Description	Some audit committees adopt a ‘minimalist’ approach and focus on a small range of activities such as financial statements, external audit, risk management and internal audit. Often a lot of time is put into examining management progress to implement audit actions from the external audit management letter and internal audit reports.
Key Points	An audit committee cannot examine every governance and assurance activity at every meeting but there will be some activities that should be examined at most meetings. Many audit committees have a structured approach to cover the scope of work which is outlined in a formal work plan.
Relevant Industries	All
Level of Assumed Knowledge	Intermediate