An Audit Committee Meeting Agenda is the a kind of schedule that is formulated by the members of the audit committee as to plan their audit plan. Auditing is a recurring process in an organization to keep the internal controls under check. A list of terms are prepared know as agenda that the audit committee will discuss in the meeting they hold. The meeting agenda can be anything that is related to the audit process conducted by the set audit committee.
10+ Audit Committee Meeting Agenda Templates in PDF | DOC
1. Audit Committee Meeting Agenda Template
2. Audit Committee Meeting Agenda Example
3. First Audit Committee Meeting Agenda Template
4. Audit Committee Participating Meeting Agenda Template
5. Audit Committee Board Meeting Agenda Template
6. Audit Committee Meeting Agenda Template in PDF
7. Investment Audit Committee Meeting Agenda Template
8. Daily Audit Committee Meeting Agenda Template
9. Simple Audit Committee Meeting Agenda Template
10. Yearly Audit Committee Meeting Agenda Template
11. Audit Committee Meeting Agenda Template in DOC
How to Prepare an Audit Committee Meeting Agenda?
Step 1: Starting With the Basics
The basics include the time of the meeting, the name of the participants, the venue of the meeting, etc. If you are ready with all the necessary informations you can are ready with the basic foundation. Now you can progress with the agenda that is the important thing for the meeting.
Step 2: Determining the Objective
The next step is to determine the objectives of the audit committee meeting. There must be certain issues that the audit committee needs to take care of. The objectives can also be for the regular auditing program that occurs in the company to check every department and all the systems and processes. Whatever is the reason the committee will be conducting the meeting, the objectives must be set.
Step 3: Seeking Inputs
Since the committee is comprised of more than two or three members so it is imperative that you get the inputs from all the members before the agenda is set. Each and every member should have their contribution to the preparation of the agenda for the meeting.
Step 4: Prioritization
Now when you have a group discussion to set the agenda, all the members will come up with the points that they think are necessary to get discussed in detail. But you cannot discuss everything in one go. Hence it is extremely necessary that you prioritize your requirements and add those issues in the agenda which needs immediate discussion and attention.
Step 5: Allocation of Time
If you allocate time to Your agenda topics it is possible that you can complete the discussion of the whole list. Therefore it is extremely necessary that for each agenda topic you allocate a specific amount of time-based on how important it is. This will help you to cover all the topics on the agenda.
Step 6: Assigning the Members
To avoid any type of chaos it is necessary that you assign each member their respective topic so that on one topic the respective person can speak and give his point of view. While others will listen and then after the completion they can give their opinion. This will avoid confusion and all the members of the audit committee will get the chance to speak in the meeting.
What are the Important Traits of an Audit Committee?
The person who will be eligible to be part of the audit committee must have the below-mentioned traits:
Intellectual Curiosity and Professional Scepticism
The members of the audit committee must be well aware of the business and should be able to ask the right questions. The members of the audit committee must visit the different departments of the company in order to understand the functioning and evaluate the working process.
Courageous Enough to Make Tough and Right Decision
The audit committee should have the courage to make the tough decision against systems and departments that are not functioning properly or there was any kind of fraudulent activity. The members of the committee should not get influenced by powerful executives. They should have the gut to make the right decision.
Balance and Ethical Approach
The audit committee should have a balanced and ethical approach towards the individual who acts as a whistle blower in the organization especially when the issue involves higher-ups of the company. If someone exposes any incident or any activity which is not right about some important person of the organization, the audit committee should be unbiased while investigating the matter and taking any decision.
Oversight the Key Risks
Big companies might face risk-oriented situations with big projects. Therefore it is necessary for the audit committee to have a presence in the problem-solving process and taking the right decision. They can act as specialists to handle and reduce the risk and mitigate the risk causing factors.
The audit committee should have the capability to make communication and invite the chairman, the chief executive officer, and other important people in the audit committee meeting. This helps the members of the committee create an open and transparent culture.
Building and Developing a Strong Team
The members who have been selected to be part of the audit committee team should have the capability to build a strong team that is worthy of the task assigned and has good and strong bonding with each other. This is very necessary for the proper functioning of the team and for the proper auditing process.
Good Listening Skills
The audit committee should have the quality and the skill to listen to everything. To evaluate a whole organization, the working process, functioning, etc. the audit committee members should have the skills to have open ears to listen to everything that is going around in the organization.