What happens in an audit committee meeting?

What happens in an audit committee meeting?

Audit committee members

The audit committee, or other independent oversight subgroup within the board of directors, as the key oversight group for the internal auditors is critical to ensuring that the organization has strong and effective processes relating to independence, internal control, risk management, compliance, ethics and accounting disclosures.

An audit committee typically serves as a liaison between the board of directors, the external auditors, the internal auditors and financial management. Generally, the purpose of the audit committee is to assist the board of directors in providing oversight:

Better Accounting Expertise To make effective oversight decisions in the areas of accounting information, corporate governance and control, expert knowledge is usually required. As a result, the audit committee should consist of independent, non-executive directors, at least one of whom has accounting or related financial management experience. Having expertise in the areas of accounting information, corporate governance and internal control helps ensure more effective management oversight, promotes the accuracy and transparency of financial statements, and allows for an appropriate focus on business risks and internal controls.

Internal audit committee

From the point of view of the consulting firm Deloitte, audit committees should consider improving practices when holding effective meetings. Aspects such as the calendar, meeting agendas, who should attend meetings, executive sessions, among others, enhance them.

The Audit Committee Resource Guide published by Deloitte lists a number of requirements that audit committees should consider ways to implement or improve practices to help them conduct effective meetings. Each committee should consider what is most effective for its circumstances, but certain practices are valuable for most.

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“A well-planned and managed agenda will help the committee stay focused. “Tweet ThisThe chair should consider how to prioritize key agenda items so that the committee allocates the necessary time to them. A well-planned and managed agenda will help the committee stay focused.

Audit Committee in Mexico

a) Accept and comply with the requirements of its Bylaws. b) Demonstrate at all times an irreproachable professional and commercial conduct. c) Be up to date in the payment of all its financial obligations with the Association.

a) To determine the guidelines of the Association, for which purpose it may approve regulations, general or special, and agree upon their modification or repeal. b) To appoint and dismiss the Active Members that constitute the Executive Committee of the Association. c) To give instructions to the Executive Committee, review its performance, set the date of the closing of the fiscal year and approve the Annual Report, Inventory and Balance Sheet, and other Financial Statements. d) Determine the location of the subsequent Assembly. e) Agree on the amendment of the Bylaws. f) Agree by a 3/4 majority of the Active Members registered in the Association, on the suspension or dissolution and liquidation of the Association. g) In general, resolve on any item proposed by the Executive Committee in the call.

Audit Committee example

The constitution of the committee is part of the seven probity measures announced by Minister Alberto Espina and seeks to improve the auditing processes within the Armed Forces in order to prevent irregularities.

After the first meeting, Minister Espina explained that since the current government took office, it has been possible to detect a series of bad practices and irregularities that have no justification or explanation in the Armed Forces and which have had a special emphasis in the Army.

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He added that Undersecretary Galli will be in charge of the committee and that permanent, periodic meetings will be held to put a definitive end to practices that are not in keeping with the prestige and history of the Armed Forces.

“We are doing this because we want to take care of the Armed Forces, and the way to take care of it is not by hiding bad practices under the carpet, but on the contrary, by shaking the carpet so that these bad practices are definitively ended”, he declared.

Minister Espina also referred to the statement of the Commander in Chief of the Army, General Ricardo Martínez, before Minister Romy Rutherford, who is investigating the Pasajes case within the Army. On the occasion, General Martinez said he was unaware of any background linking the Navy and the Air Force in this case.

What happens in an audit committee meeting?
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