All public companies in the United States are required under securities legislation to have an audit committee. An audit committee is a subset of the company's board of directors and is comprised wholly of external directors who do not work in the company. The role of the audit committee continues to grow as securities legislation shoulders more responsibility on companies to govern themselves. Show Purpose of the Audit Committee
SEC Requirement
Sarbanes-Oxley Act
Duties of the Audit Committee
Audit committees play an important role in supporting the governance of Commonwealth entities, providing independent advice to accountable authorities, assisting them to meet their duties and obligations under the PGPA Act and supporting the development of key practice and capacity within Commonwealth entities. The guide on the role of audit committees covers matters that an accountable authority can consider when determining their audit committee's functions, structure and conduct. The charter is an accountable authority’s blueprint for their audit committee’s operations. The model audit committee charter assists accountable authorities to develop a written charter for their audit committee. It lists legislative requirements and highlights additional matters to consider when developing the charter. Audit committees must have a majority of independent members. The professional peak bodies listed below can assist accountable authorities to find appropriately skilled independent audit committee members. Using these professional peak bodies and their services is optional. An advertisement for a specific audit committee role can be placed on the Australian Institute of Company Directors website by a Commonwealth entity. This advertisement can outline the specific skills sets and requirements the entity is seeking. Governance Institute of Australia The Governance Institute of Australia can advertise an audit committee position to its membership via the ‘Governance career opportunities’ webpage on the website. The text must be formatted as per guidelines available. Institute of Internal Auditors – Australia Ms Julie Young Executive Officer & Company Secretary Phone: 02 8268 5811 Email: Website: www.iia.org.au The Institute of Internal Auditors Australia has established a database of prequalified professional members with the appropriate specialist skill set. Chartered Accountants Australia and Email: richard.lindsay@charteredaccountantsanz.com Website: www.charteredaccountantsanz.com Chartered Accountants Australia and New Zealand can work with a Commonwealth entity to determine individual requirements. They can provide a shortlist of potential candidates for an audit committee, sourcing candidates through their existing databases and networks. CPA Australia Mr Matthew Andrews General Manager - ACT Phone: 02 6267 8533 Email: Website: www.cpaaustralia.com.au CPA Australia can advertise an audit committee position to a targeted membership group (likely to be those that hold fellow membership status). ISACA Canberra Chapter ISACA’s membership profile includes individuals that have experience in IT security, IT auditing, IT risk management and those specialising in IT governance more broadly. ISACA will source potential candidates through an expression of interest process and can work with Commonwealth entities to provide a shortlist of suitable candidates. The Australian Computer Society (ACS) Mr Rupert Grayston Chief Executive Officer Phone: 02 9299 3666 Email: Website: www.acs.org.au ACS can advertise audit committee positions to those members that have expertise in IT governance, information management, information security, procurement, contract management and technology auditing (minimum professional standard level 5 of the Skills Framework for the Information Age) and can provide a shortlist of suitable candidates. Risk Management Institution of Australasia (RMIA) Mr Simon Levy Chief Executive Officer Phone: 02 9095 2500 Email: Website: www.rmia.org.au RMIA will work with a Commonwealth entity to determine individual requirements and can shortlist suitable applicants from within their network of Certified Practicing Risk Managers (CPRMs). RMIA can also advertise an audit committee position to its membership via electronic direct mails, linked-in and on their website.
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Who makes up the audit committee of a publicly held company?
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