Expectations Are Rising for Audit Committees
A round table discussion of the evolving role of the audit committees of State boards was held in cooperation with the Forum of Chairpersons of State Bodies. The event included two presentations on the implications of a changing public sector and the need for committees to evaluate their own performance.
Sean Quigley, drawing on recent research of public sector bodies, said that it was essential that an audit committee deliver results and value to the organisation. In the public sector there was now a particular need to review both financial and non-financial performance indicators. He also discussed the particular nature of the relationship with the Comptroller and Auditor General as the external auditor. A copy of the presentation can be accessed below.
Dermot O’Riordan said that the evaluation of an audit committee should include a review of whether there is clarity on the role and charter, whether the committee had the skills and expertise to effectively discharge its role and whether there is an appropriate internal audit and other supports in place. A copy of the presentation can be accessed below.