http://www.best-practice.com Definition of a best practice. 'Best Practices' are rules, standards, regulation relating to compliance, audit, risk management. Sat, 14 Sep 2013 10:48:44 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 http://www.best-practice.com/best-practice-in-reporting-accounting/audit-committee-duties-best-practices/conduct-and-timing-of-meetings/conduct-and-timing-of-meetings-16102011/ http://www.best-practice.com/best-practice-in-reporting-accounting/audit-committee-duties-best-practices/conduct-and-timing-of-meetings/conduct-and-timing-of-meetings-16102011/#comments Sun, 16 Oct 2011 19:15:13 +0000 Bernard-Louis Roques http://www.best-practice.com/?p=846 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;

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