CHARACTERISTIC ELEMENTS OF THE AUDIT COMMITTEE

Mihaela-Silvia Popescu (), Marin Popescu () and Emadeldin Eid ()
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Mihaela-Silvia Popescu: PhD Student - Valahia University fromTârgoviste
Marin Popescu: „Athenaeum” University of Bucharest

Internal Auditing and Risk Management, 2015, vol. 40, issue 1, 57-68

Abstract: According to the Charter, the audit committee members must be people with experience, independent, and appointed by the Board.The Audit Committee has similar powers from one organization to another, but regarding style and methods of operation, they are different and should be tailored to the objectives, needs and circumstances of the organization. The article addresses the particular elements for the activity of audit committees, respectively: membership, independence, financial literacy, conditions of appointment of members and qualifications required for the election of the audit committee chairman. The second part of the article addresses issues concerning the workings of the audit committee, referring to meetings planning, orientation and continuous training of members of the audit committee and the responsibility of the audit committee for its self-assessment. In conclusion, evaluating the conditions for appointing the members and the characteristics of audit committees reveals the overwhelming importance of audit committees within the organizations in which they operate.For these reasons, a deep analysis is required at the establishment of audit committees and a great depth in the selection of members.

Keywords: management; organization; fraud; internal auditors; internal control; external auditors; audit committee (search for similar items in EconPapers)
Date: 2015
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