This benchmarking tool lists important audit committee responsibilities and leading practices for each responsibility.
Each audit committee is unique and must be responsive to the specific company environment. In general, most committees formally meet with the internal and external auditors at least twice during the year and often more frequently. Both groups, along with management, are often in attendance at audit committee meetings. The ten areas listed in this document offer an overview of what typically encompass the most common audit committee responsibilities. Leading practices related to carrying out these responsibilities are set forth in this exhibit.