Audit Committee Charter

What is the audit committee charter?

The audit committee charter documents the purpose, structure, internal controls and roles and responsibilities of audit committee members.

What should be in an audit committee charter?

The five main components of an audit committee charter are objectives, membership, meeting frequency and responsibilities, ethics guidelines for members of the audit committee, and conflict of interest guidelines.

What is an audit charter and list 5 major components of an audit charter?

An audit charter includes the following:

  1. The mission, purpose, and objective of the audit function.
  2. The scope of the audit function.
  3. The responsibilities of management.
  4. The responsibilities of internal auditors.
  5. The authorised personnel of the internal audit work.