Transcription of Role of the Audit Committee Chair - assets.kpmg
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Role of the Audit Committee Chair - assets.kpmg
2019 KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliatedwith KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The role of the Audit Committee chairAudit Committee Institute Part of the KPMG Board Leadership CentreThe importance of the Audit Committee Chair s leadership in setting the Committee s tone, work style, and agenda is vital to the Committee s effectiveness. In our experience, the most effective Audit Committee chairs are fully engaged recognising that the position may require their attention at any time, and often beyond regularly scheduled meetings. They understand the culture of the organisation; they set clear expectations for Committee members; they understand, and hold to account, both management and auditors; and they ensure that the right resources are being employed to support quality financial provide effective leadership, the Audit Committee Chair must have a clear understanding of the Committee s duties and responsibilities; be able to commit the necessary time (which will vary depending on the size, complexity and circumstances of the business); be readily available on urgent matters a
committee meeting with an executive session so that audit committee members have an opportunity to discuss important matters privately without management present.. Most audit committees will also hold private sessions with the Head of Internal Audit and the External Audit Partner to discuss issues such as management’s
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