Effective Audit Committees Training
4 Day Training
Dates: 03 – 06 February | 19 – 22 May 2025
Locations: Grayston Ridge Office Park, Sandton
Platform: Available In-Class / Online
Price: Available on Request
Course Introduction
Overview: This four-day Effective Audit Committees Training course is designed to enhance the effectiveness of audit committees by equipping members with essential skills and knowledge. Participants will gain a deep understanding of audit committee responsibilities, stakeholder relationships, and critical decision-making processes, specifically within highly regulated industries.
Audit Committees play a crucial role in governance, fostering trust in corporate reporting. Therefore, members must possess industry knowledge, expertise, and a clear understanding of the company and its context. The Effective Audit Committees Training course covers the fundamental responsibilities of the audit committee and the qualities required, particularly for the Audit Committee Chair. It will also explore relationships with key stakeholders and essential information flows for decision-making.
Course Objectives
By the end of this strategic training course, participants will be able to:
Understand the role and responsibilities of the Audit Committee and its relationship with the Board and the Board Risk Committee.
Identify prudent and effective controls for the Audit Committee meeting process.
Develop critical relationships with stakeholders, including external and internal auditors, the finance team, and the company secretariat.
Navigate relationships with regulators and comprehend the complexities of group structures and overseas jurisdictions.
Recognize common challenges and take actionable steps to improve Audit Committee performance.
Who should attend?
Prospen Africa’s Effective Audit Committees Training course is ideal for current and aspiring Audit Committee members, as well as those involved in supporting and preparing information for audit committees.
Training Methodology
Our diverse instructional approaches ensure effective learning:
– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.
Training Outline
Day 1: The Role and Responsibilities of Audit Committee Members
Topics Covered:
Understanding the Audit Committee’s role, structure, membership, and agenda.
Role of advisors and the Company Secretary.
Information provision to the Audit Committee.
Case Study: Developing and prioritizing a typical Audit Committee terms of reference.
Audit Committee Essentials:
Oversight of financial reporting, audit quality, and risk management.
Understanding company culture and industry dynamics.
Building appropriate relationships with senior management, board members, and auditors.
Staying informed on emerging issues like cybersecurity and social media impacts.
Case Study: Examining the essential qualities of an effective Audit Committee member.
Day 2: Key Stakeholder Relationships
The Finance Team:
Oversight and challenge of the annual report and accounts.
Meeting requirements for a ‘fair, balanced, and understandable’ annual report.
The Committee’s role in regulatory returns.
Case Study: Analysing examples of good and poor annual reports.
External Audit:
Assessing auditor effectiveness and reviewing governance requirements.
Retendering the external audit role.
Case Study: Evaluating an external audit proposal.
Internal Audit:
Governance requirements and global guidelines for internal audit effectiveness.
Understanding the internal audit universe and risk-based audit planning.
Case Study: Reviewing an internal audit report for audit committee presentation.
Day 3: Audit Committee Activities
Membership and Attendance:
Guidance on nomination, independence, and remuneration.
Importance of meetings, minutes, actions, and follow-ups.
Case Study: Assessing examples of effective Audit Committee minutes.
Financial Reporting:
Role in annual reporting, strategic reporting, and AGM involvement.
Audit Committee Reporting:
Elements to include in the committee report, like member qualifications, significant issues, auditor assessments, and fee transparency.
Complex Transactions:
Expertise requirements for understanding complex financial transactions and instruments.
Whistleblowing:
Relationship with Compliance and damage limitation strategies.
Day 4: Enhancing Audit Committee Effectiveness
The Role of the Audit Committee Chair:
Balancing teamwork with challenge, setting agendas, and planning.
Effective relationships with executive management.
Case Study: Real-life examples of challenging situations for audit committees.
Annual Reviews of Audit Effectiveness:
Self-assessment guidance and identifying common concerns.
Audit Committee Effectiveness Reviews:
Guidance on self-assessment versus independent review.
Case Study: Findings from independent board and audit committee effectiveness reviews.
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