Terms of Reference for Audit Committee

How to generate a Terms of Reference for Audit Committee

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A document that helps a company improve its corporate governance by establishing an audit committee.

What are the main responsibilities of the audit committee?

The audit committee has the following responsibilities:

• Looking over the financial reporting and disclosure process.
• Monitoring accounting policies and principles along with the internal control process.
• Keeping a note of external auditors. Specifically overseeing their hiring, performance, and independence.
• Overseeing how the internal audit function performs.
• Overviewing regulatory compliances and ethics.
• Overseeing the performance of the function.
• Bringing risk management policies and practices to light for discussion with the management.

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About Author

Mike Evans

Mike Evans is a Fellow of the Institute of Chartered Accountants in England and Wales with over 30 years of expertise. Mike trained with Deloitte in London before moving to Hong Kong with PwC and making Partner in 1998, later Managing Director with TeamMate Asia Pacific, and eventually COO for Wolters Kluwer Financial Services Asia Pacific. With decades of experience in company incorporation, corporate structuring, and business performance, Mike now holds multiple directorships across companies in the fields of legaltech, corporate services, and company secretarial.

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