Open 4 Free: Audit Committee Responsibilities

Audit Committee Responsibilities

Posted by admin | Posted on 11:19 ص

- Audit Committee Responsibilities

· Approve the selection and dismissal of the chief audit executive .[ responsible for oversight the (IAA) ]

· Review and approve the IAA's(Internal Audit Activities) plans and resource requirements.

· Selecting an external auditor and review the independent of the public accountant.

· Review audit fee and engagement letter.

· Review the external auditor's overall audit plan.

· Review the result of engagement performed by external auditor..

· Participating in the selection of accounting policies.

· Review annual and interim F/S.

· Monitor the instance in which management seeks second opinion on significant accounting issues..

· Review the impact of new or proposed legislation or governmental regulation.

· Review evaluation of risk management and control.

· Review the organization's insurance program.