The Federation of European Accountants (FEE), the Institute of Chartered Accountants in Australia (ICAA), and the Center for Audit Quality (CAQ) have published today Global Observations on the Role of the Audit Committee – A Summary of Roundtable Discussions.
The audit committee has an important responsibility on behalf of company shareholders to oversee the financial reporting process and external audit. Shareholders and regulators in the global capital markets are increasingly focused on the role of the audit committee and its accountability in discharging its duties, especially with respect to the financial statement audit. Accordingly, it is important that the global audit committee community have a strong and respected voice in identifying its own leading practices, promoting greater consistency of practice, and enhancing transparency about how it carries out its oversight responsibilities.
During January and February of 2013, FEE, ICAA, and the CAQ, cosponsored a series of three roundtable discussions in Brussels, Hong Kong, and New York City, attended by members of governance and audit committee communities in the respective jurisdictions.
The objective of the roundtables was to provide a forum for representatives from the global audit committee community, who share a common goal of strengthening audit committee practice, to determine the general level of global consensus on issues affecting the role of the audit committee and current state of performance.
Through publication of the Global Observations on the Role of the Audit Committee – A Summary of Roundtable Discussions, FEE, ICAA, and the CAQ hope to advance further international discussion and consideration of the observations from this roundtable series related to the role of the audit committee, including the scope of responsibilities, as well as associated leading practices shared by attendees.