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Board Committee Roles and Responsibilities - page 23 / 25

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Conclusion

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Listing standards require listed companies to form at least three board committees, including the audit, compensation, and nominating/governance committees.

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Board committees are usually formed as a means of improving the effectiveness of the board in areas where more focused, specialized, and technically oriented committees are deemed necessary.

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Audit committees act as guardians of investor interests by assuming oversight responsibilities in the areas of corporate governance, financial reporting, audit activities, and compliance with applicable regulations.

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The audit committee is one of the major standing committees of the company’s board of directors and, as such, works with other board committees, company management, and external and internal auditors to effectively fulfill the board’s fiduciary duties to all stakeholders.

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External and internal auditors are ultimately held accountable to the audit committee and should submit their reports to the audit committee.

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The determinants of an effective audit committee include diligence, independence, communication, responsibility, accountability, resources, working relationships, evaluation, functions, and legal liability.

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