A new era for corporate governance – the Audit Committee

by James Grech for The Malta Business Weekly, September 9th, 2010.

Responsibility for corporate governance within an organisation is generally spread among various internal appointees. In essence, the cornerstones of effective governance are the board of directors, executive management, the internal auditors and the external auditors.

In this context, one may say that no single committee of the board is more focused on or better attuned with governance than the audit committee. An audit committee is sub-committee of an organisation’s board of directors, with a chairperson selected from among the committee members.

Best practice requires the committee to be composed of independent outside members with at least one qualifying as a financial expert. Audit committees are typically empowered to acquire the consulting resources and expertise deemed necessary to perform their responsibilities. (continue reading… )

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