audit committee oversight process guidelines

Mauritius Financial Reporting Council as anindependent regulator for promoting confidencein corporate reporting and governance.įRC approves and licenses auditors, auditpractice review and monitors compliance withaccounting and financial reporting standards.Īustralia: Financial Reporting Council (FRC) hasoversight of the accounting and auditingstandards setting processes for the public andprivate sectors, providing strategic advice inrelation to the quality of audits conducted byAustralian auditors.

International Practice on oversight of auditors Powers to conduct periodic inspections andthoroughly review the quality and practices ofauditors work PCAOB role of registration, inspection, standardsetting and enforcement on external auditors. USA Public Company Accounting & OversightBoard (PCAOB)- oversees the audits of publiccompanies and other issuers in order to protectthe interests of investors. International Practice on oversight of audit Statements and operations Past omissions/failures of auditors ie Enron, local Independent reviews Continuous Improvement of Quality Compliance with legal requirements Boost public/investor confidence in financial On the other hand investors are relying on theexternal auditors to determine the soundness ofthe companies they have invested in. In this climate, audit committees and topmanagement are asking tough questions aboutthe quality and effectiveness of their internalaudit functions. The current business climate is driven bydemands for better governance, accountabilityand transparency.

IntroductionRationale for Auditing the AuditorInternational Practice External Auditor OversightQuality Assurance Improvement ProgrammeAudit Committee AssessmentsConclusionQ & A AUDITING THE AUDITOR AND AUDIT COMMITTEE FOR EFFECTIVENESSĬPA Esther MaiyoManager, Internal Audit & Risk Management, CMA

Audit committee oversight process guidelines