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/monitor-the-companys-internal-audit-function/monitor-the-companys-internal-audit-function-16102011/ http://www.best-practice.com/best-practice-in-reporting-accounting/audit-committee-duties-best-practices/monitor-the-companys-internal-audit-function/monitor-the-companys-internal-audit-function-16102011/#comments Sun, 16 Oct 2011 19:18:15 +0000 Bernard-Louis Roques http://www.best-practice.com/?p=850 Monitor  the  Company’s  Internal  Audit  Function

• review on at least an annual basis, and participate in, the budget and staffing for the internal audit department (if any);
• review the internal audit function on at least an annual basis, including the independence and authority of its reporting obligations and the coordination of the company’s internal audit personnel with management and independent auditors;
• review the assignments and priorities for the internal audit team;
• meet with the internal auditors at least quarterly to discuss the preparation of company’s financial statements, the adequacy of the company’s financial reporting processes, the company’s internal control structure, the internal auditors’ methods of risk assessments, the results of those assessments and other appropriate matters;

]]> http://www.best-practice.com/best-practice-in-reporting-accounting/audit-committee-duties-best-practices/monitor-the-companys-internal-audit-function/monitor-the-companys-internal-audit-function-16102011/feed/ 0