The purpose of this Global Public Sector Insight report is to communicate why having an independent public sector audit committee in place is so important by outlining its value while providing global insights and public sector practitioner experiences to those charged with establishing audit committees.
The insight report highlights eight key governance areas for which audit committees are expected to provide oversight in relation to management practices and for which independence is critical. Additionally, the report discusses:
- Necessary attributes and expertise of audit committee members.
- The composition of the audit committee.
- The importance of and the components included in a strong audit committee charter.
- The ultimate source of the audit activity’s organizational independence.
- Three pillars of high-performing audit committees.
The insight report recognizes the variety of governance structures that exist around the world and stresses that establishing and maintaining effective audit committees should be adapted to the organization’s unique circumstances while respecting the principles of accountability and transparency. Click here to access the complete report.