Holding Court at the Audit Committee Table

Audit committees and the internal audit activity have a symbiotic relationship, with chief audit executives deriving their organizational strength from a powerful audit committee. This chapter considers the steps for establishing an effective audit committee with a credible membership, appropriate mandate, meaningful performance reporting, a continuous improvement philosophy, and a willingness to champion leading practices … and it also highlights the challenges in managing situations when the principles of the audit committee member and organization are not in alignment, and the difficult decision to release a chief audit executive for wrongdoing. The powerful sentiments of José Ugaz, (Chair Transparency ...

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