
Conduct and Timing of Meetings
Conduct and Timing of Meetings
- hold audit committee meetings without restrictions or time constraints at least quarterly;
- maintain minutes of each meeting;
- schedule audit committee meetings well in advance to coincide with completion of each quarter’s financial statements and prior to finalizing the company’s quarterly earnings release;
- distribute written materials for review by the audit committee sufficiently in advance of the meeting;
- meet separately with each of the key players involved in the financial reporting process- members of management, the internal audit department (if any) and the independent auditors- at least once per quarter to review internal controls, the fullness and accuracy of the company’s financial statements, the financial reporting process and other appropriate matters;
- communicate openly and effectively (in and out of scheduled meetings) with management, the internal audit department(if any) and the independent auditors;
- periodically report to the Board of Directors on significant matters related to the audit committee’s responsibilities;
Further reading: Corporate Governance | Audit | Performance Improvement