The agenda of the Audit committee in 2013
The focus of the Audit Committee has shifted from the basic desire for companies to achieve appropriate governance controls, and toward the larger framework of maximizing the business value by improving operational decision making and strategic planning.
In each of the 5 newsletters that focus on Audit Committee issues we will provide a suggestion the Audit Committee agenda for 2013.
Agenda:
- Update The Audit Committee Charter with the 8 P's Of The Audit Committee responsibilities:
- Purpose, Process, Professionalism, People, Process, Project, Product & Partners
- Determine the key components of what it takes for audit committee members to be responsible, knowledgeable, and effective.
- The critical relationship and the interaction between audit committee effectiveness and internal auditing mandates
- Interaction between the Audit Committee with Boards of Directors, Management, Internal Auditors and Vice Versa
- Revising the KPI's of The Audit Committee Oversight, Best practices, Standards.
- What is the Audit Committee’s current Structure, Role and Responsibility in relation to;
- Interdependence of The AC, Boards Of Directors and Internal Audit.
- Governance, Risk, Compliance & IT Security, Monitoring the code of ethics and conduct, and corporate responsibility
- Implementing a Holistic View of Risk
- Ensuring oversight to monitor internal controls and guarantee quality in disclosures.
- How can the members of the Audit Committee maintain an in-depth understanding of the risks involved in the best practices and key activities related to:
- Dealing With the Strategic Effects Of Difference Accounting Methods, Tax Issues
- Monitoring the Spectrum of New (systemic) Risks.
- The key issues of assessing & reporting on risk management & internal controls
- The value and perspectives the Audit Committees can bring to the enterprise risk management ERM process
- What Are the Audit Committee Self-Assessment IT Tools and do we have them or use them?
- Developing a customized IT tool to the committee's activities and assurance and as a catalyst for change management
Speaker lineup Include:
(6 AC members, 3 professors/researchers, 3 lawyers & 3 consultants)
Torben Nielsen ex. Governor Danish National Bank, member of 2 audit committees, Trustee of the Copenhagen Compliance Conference,
Jesper Jarlbæk, CPA, Member of 4 Audit Committees,
Anni Harazuk, CPA, member of 2 audit committees,
Kai Martinsen M.Sc, Member of 2 audit Committees (China),
Hege Sjo, ex director of the Oslo Stock Exchange and member of several Boards & Audit Committees,
Frank hailstones, CPA, Advisor to several Boards and International authority on Risk Management,
Prof. Caspar Rose, CBS (will present the latest research on audit committees),
Jacob Stengel, candjur,
Hans Henrik Berthing CPA, CRISC, IT Risk,
Nikolaj Juhl Hansen, Eversheds (M&A),
Jens Røder, CPA, Secretary General, Nordic CPA Association...
The EU commission has expressed an interest in the conference. Either the commissioner Mr. Barnier or an expert from DG Markt will inform the participants on the latest developments.
The participants of the Copenhagen Compliance Conference on Audit committees will therefore receive expert, cohesive and consistent guidance on how to ensure compliance with new accounting and risk and regulatory standards on the structure and functions and the audit committees responses to the GRC and IT security issues and questions.
