IIA-Australia Factsheet - Establishing a Skills-Based Audit Committee

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Author	IIA-Australia
Date	2022
Topics Explored	Audit Committees
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	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. All audit committee members are expected to possess appropriate personal attributes and behavioural qualities. When selecting the audit committee chair, there will be other attributes that will need to be considered.
Relevant Industries	All
Level of Assumed Knowledge	Intermediate