|fulltext etc.||no fulltext attached|
Members of the audit committee are said to have “a part-time
job with full-time responsibilities”. Over the years various
corporate governance codes have increasingly expanded the roles and
responsibilities of the audit committee. Today, audit committee
members generally face increased regulation, imposed practices, and
liability risks higher than other board committees combined.
Audit committees are thus not only considered to help managing financial, operational and compliance risks by means of enhancing the quality of financial reporting, but viewed as essential assurance providers that play an important role in the governance of a company. However, the audit committees’ potential for active influence in the running of an organization's risk management and internal control system is frequently undermined. This is since audit committee members are often more absorbed with the oversight of the respective functions (i.a., the external and internal audit) than with the underlying processes and activities (i.e., risk management and internal control systems).
The objective of this paper is to provide insights into the demanding role of audit committees, particularly with regard to effective risk management and internal control
|type||book chapter (Deutsch)|
Audit committee, audit committee members, role of audit committee, board, board of directors, directors, corporate governance, governance, risk management, internal control, internal control system, internal audit, assurance, assurance services, risk, control, oversight, management
|book title||Jahrbuch für Wirtschaftsprüfung, Interne Revision und Unternehmensberatung 2011|
|date of appearance||2011|
|publisher||Oldenbourg Wissenschaftsverlag (München)|
|citation||Ruud, F., Rüdisser, M. F., & Isufi, S. (2011). The Role of the Audit Committee for Establishing Effective Risk Management and Internal Control. In Lück, W. (Eds.), Jahrbuch für Wirtschaftsprüfung, Interne Revision und Unternehmensberatung 2011 (pp. 103-114). München: Oldenbourg Wissenschaftsverlag. - ISBN 978-3-486-70554-6.|