Factsheet - Audit Committee Membership

Factsheet

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Author

IIA-Australia

Date

2023

Topics Explored

Audit Committee 

Format

Factsheet

Extract/Description

An Audit Committee is a committee of a board of directors or, in the absence of a board, an advisory committee for the accountable authority (organisation head), operating under delegation of authority. An independent Audit Committee is a fundamental component of good corporate governance.

Key Points

1. There are various models for how Audit Committee membership will be composed.

2. A question often asked is ‘What is the right number of Audit Committee members?’ – this Factsheet provides examples of guidance on this point.

Relevant Industries

All

Level of Assumed Knowledge

Expert

Aligned to Global Internal Audit Standards

No