Best Practice » Reporting » Audit Committee Best Practices » Best Practices - Monitoring Accounting » Best Practices – Monitoring Accounting, Financial Reporting, Internal Control
In monitoring a company’s accounting and financial reporting processes and systems of internal control, an audit committee could consider the following “bestpractices”:
Conduct and Timing of Meetings
Set Policies Regarding Required Notifications
Quarterly Review of the Adequacy of Internal Controls
Monitor the Company’s Internal Audit Function
Quarterly Review and Discussion of Financial Statements Disclosures
Address Risk of Fraudulent Reporting
Assess the Audit Committee’s Role in Monitoring Compliance with the Company’s Code of Conduct and the Law
Further reading: Corporate Governance | Audit | Performance Improvement
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