IIA-Australia Factsheet - Audit Committees

This is a members only resource. Please login to access.

Author	IIA-Australia
Date	2022
Topics Explored	Audit Committees
Format	Factsheet
Extract/Description	An Audit Committee is a committee of a board of directors or, in the absence of a board, an advisory committee for the governing authority (organisation head), operating under delegation of authority. Its objectives should be clearly defined and documented in a charter or terms of reference, and its efficiency and effectiveness measured by reference to its objectives. An independent Audit Committee is a fundamental component of good corporate governance.
Key Points	The Audit Committee plays a key role assisting the governing authority to fulfil its corporate governance and oversight responsibilities.
Relevant Industries	All
Level of Assumed Knowledge	Intermediate