Leverage this questionnaire to learn a systematic and structured method for evaluating the effectiveness and efficiency of your organization's audit committee. This document covers key areas such as committee cohesion, activities, information access, time management, interaction with company management, training, committee makeup and charter compliance. By utilizing this tool, auditors can gain insights into the audit committee's leadership dynamics and its ability to work as a team.  

This questionnaire also assesses how frequently meetings occur to cover regular business items and whether these meetings are adequately planned and executed. The tool allows auditors to gauge the timeliness and adequacy of information provided to the audit committee, thereby informing their evaluation of internal control processes. Furthermore, it helps identify potential areas for improving the quality of financial reporting, business risk controls and ethical behavior standards within the organization, as well as ensuring compliance with new regulations.  

Sample questions include:  

• Are meetings frequent enough to cover regular items of business?  
• Is the frequency of meetings with independent auditors to present review results and conduct private sessions sufficient?  
• Are special meetings called when circumstances warrant?  
• Is meaningful audit committee information reported to the board of directors on a regular basis?