Our Audit Committee Responsibilities Questionnaire provides a robust framework for evaluating the efficiency and effectiveness of an audit committee's practices. By following this structured approach, auditors can identify both strengths and areas that may require improvement in the committee's composition, operating procedures, financial reporting oversight, risk management capabilities, internal controls, and compliance with legal standards.

The questionnaire is designed to facilitate critical reflection on various aspects that are crucial for maintaining a high standard of corporate governance. Furthermore, it probes into whether the committee has direct access to internal auditors and how it engages with external auditors—ensuring that such relationships support accurate and transparent financial reporting.

Beyond ensuring adherence to regulatory requirements, using this questionnaire can also lead to strategic insights into how well-aligned the audit committee’s functions are with the broader goals of the organization. It underscores communication protocols with management and full board reporting while promoting a culture of continuous learning through regular updates on industry regulations and business developments affecting the company.

This document offers auditors a comprehensive toolset for fostering best practices within their audit committees—resulting in strengthened oversight capabilities that contribute positively to organizational governance and accountability.