Summary
This document is a guide for audit committees to evaluate their roles, responsibilities, and performance through self-assessment questions. It outlines the audit committee's purpose, which includes overseeing the reliability of financial statements, the effectiveness of internal controls, compliance with legal requirements, and the performance of both internal and external auditors. The guide suggests that audit committees may need to adapt their responsibilities in response to evolving roles. It provides a series of self-assessment questions designed to foster continuous improvement and facilitate discussions among committee members. Additionally, it emphasizes the importance of understanding the strategic plan of internal audit, evaluating audit quality, and ensuring effective communication with external auditors. The document also highlights the need for committees to monitor compliance with emerging standards and technologies, including the use of artificial intelligence in audits. Overall, the guide serves as a resource for audit committees to enhance their effectiveness and accountability.
