Public Sector Audit Committee – leading practices and trends

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R1,040.00
The King IV Report on Corporate Governance for South Africa 2016 (King IV) emphasises the vital role of an audit committee in ensuring the effectiveness of the organisation’s assurance functions and services, with particular focus on combined assurance arrangements, including external assurance service providers, internal audit and the finance function, and the integrity of the annual financial statements and other external reports issued by the organisation.
R1,040.00

Briefings on Current Issues

  • Governance cycles and trends
  • Current issues and events in your industry/sector
  • Changes in audit committee roles and responsibilities

What the Audit Committee Needs to Know

  • Enterprise risk management: emerging trends, practices, and benefits
  • Control models and frameworks: your organization’s control environment
  • The changing nature of internal auditing
  • Your organization’s risk profile and key business risk priorities

Audit Committee Practices and Resources

  • Financial reporting oversight practices
  • Audit committee charters and composition, working relationships with management and auditors, training and resources, and meetings
  • Opportunities to improve your committee’s effectiveness
  • Self-assessment of your committee

 

An effective audit committee is the cornerstone of a well-governed organisation, and independence is a key prerequisite.

It is no surprise that the oversight of an organisation’s financial controls, assurance and reporting should be one of a governing body’s most important tasks and that it should delegate this key responsibility to a specialised and independent committee.

While some organisations are required to appoint an audit committee by statute, the King IV Report on Corporate Governance recommends that, as leading practice, any organisation that issues financial statements should consider establishing such a committee.

Given the importance of what audit committees do, it is thus critical that governing bodies pay close attention to how they are constituted and how they function. Members of governing bodies should also remember that, as is true in all cases where authority and responsibility are delegated, the governing body itself is ultimately accountable.

King IV offers a series of recommendations designed to help governing bodies achieve the outcomes of Principle 8: The governing body should ensure that its arrangements for delegation within its own structures promote independent judgement, and assist with balance of power and the effective discharge of its duties.

King IV defines an audit committee’s role as providing independent oversight of two key areas, among others: the effectiveness of the organisation’s assurance functions and services, and the integrity of the financial statements.

Course Features

  • Lectures 10
  • Quizzes 0
  • Duration 2 weeks
  • Skill level All levels
  • Language English
  • Students 88
  • Certificate No
  • Assessments Yes
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