Annual committee evaluations are most effective when they go beyond a compliance exercise. A strong self-assessment process helps committees clarify oversight responsibilities, improve meeting quality, strengthen accountability, and stay aligned to evolving risks such as AI, cybersecurity, third-party risk, trade, privacy, and enterprise risk management.
This practice aid provides a suggested structure for the audit committee’s self-assessment process. A tool for boards, audit committee chairs, and governance leaders who want a structured way to evaluate oversight effectiveness, identify gaps, and document action plans across governance, risk, compliance, culture, and leadership. We recommend that this document be used in conjunction with your organization’s Audit Committee Charter to make sure that governance responsibilities are adequately aligned with the charter and are being fulfilled appropriately.
Download the full audit committee self-assessment to access the complete working template, including scorecard fields, commentary prompts, action steps, and detailed oversight questions your committee can use in evaluations.
The audit committee self-assessment tool considers the committee’s effectiveness and action items across topics/issues in the following categories:
- Committee Composition
- Committee Management
- Culture
- Onboarding and Education
- Audit Committee Chair
- Communications
- Consideration of Risk
- Oversight of Financial Reporting
- Oversight of Internal Controls Over Financial Reporting
- Oversight of Internal Audit
- Oversight of External Auditors
- Overall Assessment
Note: This practice aid will continue to evolve over time as rulemaking, best practices, and resources continue to develop.
Disclaimer: This publication has been prepared by BDO and is intended to provide general information only. It is not intended to be definitive, all-inclusive, or a substitute for professional advice or the reading of relevant rules, standards, and regulations. Users are encouraged to consult the applicable authoritative guidance and seek professional advice as appropriate. BDO shall not be held liable for any loss or damages arising from the use of, reliance on, or reference to this publication.
The BDO Center for Corporate Governance endeavors to support directors in engaging in effective governance by providing insights, learning, and networking opportunities in collaboration with BDO subject matter specialists and advisors designed specifically for boards of directors.
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