Point of View - Audit committee effectiveness
Now more than ever, the capital markets tend to punish unpredictability in corporate performance. Unpleasant surprises of any kind - whether these are erroneous financial statements, ethical scandals or inadequately anticipated/improperly managed risks - have the potential to wreak havoc among corporate reputations and share price values.
In this environment, audit committees should consider taking the initiative - looking to go beyond compliance, and actively seeking to identify ways in which they can enhance the quality of governance that exists in their organisations. By fulfilling their functions as effectively as possible, committees can play an important role - helping to minimise the likelihood and impact of conditions in which unpredictability might otherwise thrive.
Our Point of view is that companies should not only be looking at ways in which they can build greater effectiveness into the way their audit committees work, but also taking into account the benefits of communicating these activities to the markets.
In this paper, we suggest six ways in which this effectiveness might be improved - and ways in which the markets can be presented with a full picture of those activities
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