What is the Audit Committee then expected to do with Such Information on Reported SDs and MWs?

What is the Audit Committee then expected to do with Such Information on Reported SDs and MWs?

If SDs or MWs are identified, the audit committee should ask the following:

  • Are these issues pervasive throughout the organization or limited to specific location(s), account(s) or types of transaction(s)?
  • Were any of these issues noted in previous years and, if so, what does this mean for establishment of an appropriate tone at the top and oversight of internal control?
  • What is management doing to remediate the issues? Is the scope and timing of this remediation adequate?
  • What additional controls, policies and/or procedures need to be implemented to ensure a more robust control environment?
  • Given the issues noted, are there other areas that need re-evaluation?


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