The future role of the audit committee and the statutory auditors

The audit committees will in future have new distinct and enhanced responsibilities on all financial issues. This adjustment of the role, duty and accountability could give rise to a discussion on liability issues. This analysis is needed to ensure that there is no undermining of collegiality in the rest of the board who are not members of the audit committee.

The Board continues to have a collective responsibility for all decisions taken, but will in the future probably use less time on financial matters as audit committee is responsible for some financial issues. Therefore, the Board must ensure that there is increased reporting on all financial matters from the audit committee to the other board members happened to secure information.

On the 28th of September, we will discuss the consequences of the introduction of the supervision of audit committees at the national level. It is the supervisory authority to monitor and control the audit committee's composition, its competencies, as well as its responsibilities. This change will probably deprive the shareholders of their right to freely elect directors (and compose the audit committee members). When an external third party - which is a public authority - in part will oversee the performance of the core tasks of the audit committee, and not least with different strategic and financial issues as a point of departure from the current practice.

The seminar is held under the Chatham House Rule, to attract the right participants /speakers and to encourage discussions and opinions on Audit Committees future role, tasks, and responsibilities.