As they self-assesses their performance periodically, audit committees may find useful the illustrative questions we have made available in our Assessment Questions for Audit Committees to Consider. Committee members should periodically assess the committee’s composition, charter and agenda focus in view of the company’s industry, circumstances, risks, financial reporting issues and current challenges it may be facing.
In Assessment Questions for Audit Committees to Consider, we cover the following topics to assist audit committee members in their assessments:
- Committee composition and dynamics
- Committee charter and agenda
- Oversight of internal controls and financial reporting
- Oversight of the external auditor
- Risk oversight
- Business context
- Corporate culture
- Executive sessions
- ESG reporting
- Oversight of the finance organisation
- Oversight of internal audit
- Committee effectiveness
- Member orientation and education
The questions provided are intended to be illustrative and do not purport to cover every topic the committee should consider nor are they intended to be a “one-size-fits-all” that applies to every audit committee. Accordingly, they should be customised to the committee’s specific needs and assessment focus.
These questions should be used in conjunction with the agenda items suggested in Protiviti’s The Bulletin, “Setting the 2022 Audit Committee Agenda,” as those items are unique to the next 12 months and are not included in this summary.
 “Setting the 2022 Audit Committee Agenda,” The Bulletin, Volume 7, Issue 12, December 2021, Protiviti.