Transcription of Audit Committee Resource Guide - Deloitte
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Audit Committee Resource Guide - Deloitte
Audit Committee Resource GuideReferencesThe King IV Report on Corporate Governance for South Africa 2016 (King IV)Companies Act 71 of 2008 Johannesburg Stock Exchange Listings RequirementsThe SAICA Guide to the Companies ActFinancial Reporting Council (UK) Guidance on Audit Committees01 Audit Committee Resource Guide | ContentsContents Section 1 Audit Committee leading practices and trends _____ 03 Section 2 Audit Committee composition _____ 09 Appointment of the Audit Committee _____ 09 Independence of Audit Committee members _____ 11 Qualifications and financial literacy _____ 15 Director qualification disclosure requirements _____ 17 Section 3 Key responsibilities _____ 19 Audit Committee charter and agenda _____ 19 Functions of the Audit Committee _____ 20 Reporting and disclosure _____ 22 Non- Audit services _____ 24 Appointment of the externl auditor _____ 25 Assessment of the independence of the external auditor _____ 26 Assessment of the finance function _____ 30 Interaction with management _____ 32 Oversight of the internal financial controls _____ 32 Interaction
Audit Committee Resource Guide | Audit committe leading practice and trends Executive (private) sessions • Audit committee meetings should be preceded or followed by private sessions with the CFO, the internal auditors, and the external auditor • Use an executive session for committee members to discuss how the meeting
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