Factsheet - Shared Audit Committees

Factsheet

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Author

IIA-Australia

Date

2024

Topics Explored

Audit Committee, Public Sector

Format

Factsheet

Extract/Description

A shared audit committee occurs when an audit committee serves multiple organisations. This could be:
 
  • One audit committee encompassing a holding company and subsidiaries.
  • In the public sector it could be a cluster arrangement where one audit committee covers a central department that also covers independent sub-agencies.
  • A number of independent local government councils banding together with one audit committee

Key Points

This Factsheet outlines advantages and disadvantages of shared audit committees.

Relevant Industries

All

Level of Assumed Knowledge

Expert

Aligned to Global Internal Audit Standards

Yes