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Audit Committee Function, Benefits and Membership of Audit Committee

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Added on  2020-10-22

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AUDIT AND ASSURANCE TABLE OF CONTENTS TABLE OF CONTENTS2 INTRODUCTION 1 Function, Benefits and Membership of audit Committee 1 Regulation and oversight for ensuring audit firms carrying to operate sufficiently with high quality 2 Role of audit committee for ensuring auditors to work effectively4 CONCLUSION 5 REFERENCES 7 BIBLIOGRAPHY 8 INTRODUCTION In the present era, accounting organizations offer wide range of professional services to its clients as they consider audit, assurance, review along with related services. On basis

Audit Committee Function, Benefits and Membership of Audit Committee

   Added on 2020-10-22

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AUDIT AND ASSURANCE
Audit Committee Function, Benefits and Membership of Audit Committee_1
TABLE OF CONTENTSTABLE OF CONTENTS..............................................................................................................2INTRODUCTION...........................................................................................................................1Function, Benefits and Membership of audit Committee............................................................1Regulation and oversight for ensuring audit firms carrying to operate sufficiently with highquality..........................................................................................................................................2Role of audit committee for ensuring auditors to work effectively.............................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7BIBLIOGRAPHY............................................................................................................................8
Audit Committee Function, Benefits and Membership of Audit Committee_2
INTRODUCTIONIn the present era, accounting organizations offer wide range of professional services toits clients as they consider audit, assurance, review along with related services. These servicesare directly regulated with multiple jurisdictions with need of compliance with global standardsand national requirements as they are directly based on international ones. The present reportwill give brief discussion about functions, membership and benefits of audit committee. It willreflect regulation and oversight for purpose of ensuring about audit firms that carry work insufficient quality. In the similar aspect, it will articulate about role which audit committee shouldplay for ensuring that auditors should carry their work in efficient aspect and in this context, itwill be explaining this subject with case of collapse of Carillion with lack of governance.Function, Benefits and Membership of audit CommitteeAudit committee is referred as one of major operating committees for organization'sboard of directors as they charge over observation to financial disclosure along with reporting.Each publicly traded organizations must be capable for maintaining audit committee which isqualified in order for being listed on particular stock exchange. Further, committee membersshould be form with independent outside directors such as minimum one person who isreplicated as financial expert (Audit Committees, 2018). The responsibilities and role of auditcommittee are stated below:According to UK Corporate governance code, the integrity of financial statements mustbe monitored and any formal announcements on basis of financial performance. The review ofinternal financial controls and separate board risk committee along with review of internalcontrol of organization and risk management system. In the similar aspect, review and monitorthe internal audit function's effectiveness. On the contrary, it makes recommendations to boardon basis of appointment and re-appointment with removal of external auditor. The remunerationand with context of engagement has been approved through auditor. In the same series,independence and objectivity of auditors with implementation and development of policy of nonaudit service.On basis of benefits of effective audit committee are referred as it gives actionableinsights to oversee and for improvisation of financial practices along with reporting as it meetwith its CEO and financial officers for reviewing and for maintaining its effectiveness aboutorganizational control along with external financial reporting. With context of insights and1
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