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Audit Committee and Corporate Governance

Audit Committee and Corporate Governance. The European Confederation of Institutes of Internal Auditing (ECIIA). Founded in 1982 Confederation of 32 countries Management Board from 8 countries No individual members only countries Representing approx. 30,000 internal auditors. ECIIA Purpose.

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Audit Committee and Corporate Governance

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  1. Audit Committee and Corporate Governance

  2. The European Confederation of Institutes of Internal Auditing (ECIIA) • Founded in 1982 • Confederation of 32 countries • Management Board from 8 countries • No individual members only countries • Representing approx. 30,000 internal auditors

  3. ECIIA Purpose • To represent internal audit to European Union and any other European institutions of influence • To promote the profession within the wider geographic area of Europe and the Mediterranean basin

  4. Monitor the effectiveness of the company’s:- internal control,- internal audit where applicable- risk management systems • Very broad assignment from risk identification to risk management and check of the efficiency of the internal control procedures • Control organisation is complex

  5. How can the audit committee achieve its reinforced role ? • The Audit Committee is ideally placed • It has free access to any individual, information, data • It can ask for external resources with management agreement • But : • It has limited member resources and time • It is very difficult to encompass a very large organisation

  6. What are some of the ingredients to be successful ? (1/2) • Build an Audit Committee with the right profiles (skills & behaviours) and good understanding of the business • Develop a strong interaction with Internal Audit • Review carefully the company risk mapping and risk assessment • Get a sense of the risk culture in the field • Discuss with management out of formal committees

  7. What are some of the ingredients to be successful ? (2/2) • Be flexible – a yearly approach is out of date • Require well structured information from the company • Build a network of Audit Committees in large organisation to be closer to the business • Think in term of system, view all the risk stakeholders as a combination

  8. Key points • Quality of individuals • Company culture • Internal audit link • Control system A challenging new posture for Audit Committees

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