Since the passage of Bill 198 in Canada and Sarbanes-Oxley in the United States, it has become increasingly difficult and, some would say, ever more risky to serve on the audit committee of a public company. However, the audit committee has never been more important, making the commitment of the audit committee chair a crucial component in effective corporate governance.
At the end of the first meeting of the Canadian Audit Committee Network, several members expressed a desire for this group to become a forum in which to identify leading practices for audit committee performance. At future meetings, members hope to explore in greater depth specific issues associated with internal audit, such as risk management, the relationship between the audit committee and other committees of the board, and the relationship between the audit committee and the external auditor.
Read the full paper, published by Tapestry Networks and Ernst & Young.