Corporate governance excellence continues to be an important element of Canadian business. Expectations have never been higher, and the scrutiny by regulators and investors never more stringent. Audit committees are being asked to assume responsibilities well beyond their traditional role.
While this completely revised and updated publication focuses on requirements that apply to publicly listed companies, audit committees of both private companies and publicly-accountable entities, such as governmental or not-for-profit organizations, also face increasing expectations. We identify issues that most audit committees must understand, and describe audit committee practices that provide the support and structure necessary to fulfil audit committee charters. We believe all audit committees can benefit from comparing their practices against the practices described in this publication in their effort to critique, tailor and improve how they function.