The Role of the Audit Committee in Corporate Governance

Why Should You Attend:

This role, of necessity, involves ensuring that the risk management process remains both comprehensive and ongoing instead of the annual process that is implemented in many organizations. Corporate policies regarding legal compliance, compliance with corporate codes of conduct, and conflicts of interest must be maintained and policed. In addition, the audit committee has a duty to review both current and pending legislation as it relates to corporate governance within the country or countries wherein it operates.

This webinar will highlight the structure and role of the audit committee in line with its responsibilities pertaining to these corporate policies and compliance measures. The instructor will discuss best practices for evaluating the performance of audit committees in risk and fraud related issues.

Communication is the key to good governance and includes ensuring that the financial statements presented to the shareholders are both understandable and reliable, and facilitates internal communication with senior management and the internal audit team. Communication with internal audit should go beyond the scheduled committee meetings, and the CAE should be encouraged to communicate with the chair of the audit committee directly. The webinar will further cover best practices and strategic planning for all the above.

Learning Objectives:

The webinar is designed to provide participants with an in-depth knowledge of:

• The structure and roles of the audit committee
• Current trends in audit committee responsibilities
• Evaluating the performance of their own audit committees in risk and fraud related issues
• What is meant by and required in terms of whistle-blowing reactions

Areas Covered in the Webinar:

• Oversight of financial reporting
• Oversight of independent external auditors, component auditors, and internal audit function
• Oversight of internal controls and compliance
• Non-financial risks
• Qualifications and background of members
• Tone at the top and middle, and culture and code of conduct
• Bribery and emerging market risks
• Special investigations and protocols
• Understanding of business model, accounting policy choices, estimates and judgments, and implications for fraud
• Coordinated, independent assurance
• Reporting of oversight functions to audit and risk committee
• Whistle-blowing best practices and role of audit committee

Who Will Benefit:

• Executive Management
• Risk Management
• Internal Auditors and Supervisors
• Audit Management
• External Auditors

Instructor Profile:

Richard Cascarino, CIA, CISM, CFE, is a consultant and lecturer with over 30 years of experience in governance, IT risk, audit, forensic, internal and IT auditing education and is the author of the books Internal Auditing - An Integrated Approach and Auditor’s Guide to IT Auditing and Corporate Fraud and Internal Control: A Framework for Prevention . He is also a contributing author to the governance section of all 4 editions of Finance: The Ultimate Resource and is a frequent speaker at national and international courses and conferences. He is a past president of the IIA – South Africa and founded the African Region of the IIA Inc.

Mr Cascarino is chairman of the risk and audit committee of the Department of Public Enterprises in South Africa and has, in the past, served as chairman of the Audit Committee of Gauteng Cluster 2 (Premier's Office, Shared Services and Health).

Topic Background:

The audit committee is intended, overall, to assist an organization to achieve an effective internal control structure derived directly from the tone at the top. The authority of an audit committee is drawn from the board of directors, the rules and regulations of the organization, and any relevant governance legislation of the country or countries within which the organization operates.

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