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Audit Committee Handbook

Audit Committee Handbook

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Published by: ALAINXHIGNESSE on Jul 08, 2009
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02/04/2013

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ABC COMPANYAUDIT COMMITTEE HANDBOOK 
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Table of Contents
Introduction ............................................................................................................................4Good practice principles for Audit Committees .....................................................................5Role of the Audit Committee .................................................................................................6Terms of Reference ............................................................................................................6Membership, Independence, Objectivity and Understanding ................................................6Independence ......................................................................................................................7Relationship with the Executive .........................................................................................7Conflicts of Interest ............................................................................................................7Terms of Appointment ........................................................................................................8Skills ...................................................................................................................................8Additional Skills .................................................................................................................8Training and Development .................................................................................................9Scope of work .........................................................................................................................9Overall Assurance ..............................................................................................................9Internal and External Audit ................................................................................................9Financial Reporting ..........................................................................................................10Communication ....................................................................................................................10Co-ordination between the Audit Committee and the Board of Directors .......................10Annual Reports .................................................................................................................11Bilateral Communications ................................................................................................11Appendix A. Model Audit Committee Charter .....................................................................11Appendix B. The Role of the Chairperson ...........................................................................16Appendix C. Committee Support .........................................................................................18Appendix D. Model Letter of Appointment to the Audit Committee ..................................20
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Appendix E. Model of Work Programme .............................................................................22Appendix F. Fraud and the Responsibilities of the Audit Committee ..................................24Appendix G. Internal Control: A Tool for the Audit Committee ..........................................27Appendix H. Key Questions for the Audit Committee to Ask .............................................38Appendix I. Audit Committee Competency Framework ....................................................41Appendix J. Audit Committee Self Assessment Checklist ...................................................42.............................................................................................................................................46Appendix K. Model of Corporate Governance Questionnaire .............................................46Appendix L. Model of Audit Committee Annual Report .....................................................50Appendix M. Model of a Whistle-blowing Policy ...............................................................53Appendix N. Model Policy on Using External Auditor for Non-audit Services ..................55Appendix O. Model Policy on Employing Former Employees of the External Auditor .....57Appendix P. Evaluation of the External Auditor ..................................................................58Appendix Q. External Audit: Model of the Terms of Reference .........................................61Appendix R. Guidelines for Hiring the Chief Audit Executive (CAE) ................................65Appendix S. Internal Audit: Model of the Terms of Reference ..........................................68Appendix T. Engaging Independent Counsel and Other Advisers .......................................71Appendix U. Model of an Internal Audit Plan .....................................................................72Appendix V. Model of an Internal Audit Report ..................................................................74Appendix W. Evaluation of Internal Audit ...........................................................................76Appendix X. Self-Assessment of the Audit Committee .......................................................82
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