What are the best practices for an audit committee?

What are the best practices for an audit committee?

Best practices for an audit committee include ensuring independence, having a clear charter, and regular meetings.

How often should an audit committee meet?

An audit committee should ideally meet at least quarterly to review financial statements and compliance.

What qualifications should audit committee members have?

Members should have financial expertise, understanding of accounting principles, and experience in governance.

How can an audit committee improve its effectiveness?

Improving effectiveness can involve ongoing training, setting clear goals, and fostering open communication with management.

What role does the audit committee play in risk management?

The audit committee oversees risk management processes, ensuring that risks are identified and managed appropriately.