The Audit Board acts as a board that independently reviews and supervises the activities and financial condition of an organization. It is generally considered one of the company's governing bodies and ensures the company's accountability to its stakeholders (shareholders, customers, the public, etc.).
The duties and responsibilities of the Audit Board may include:
The Audit Board independently examines and verifies the company's financial records, accounts and financial reports. This includes evaluating the company's financial position, performance and management accountability processes.
The Audit Board evaluates the company's internal control systems and procedures and reviews their effectiveness. This evaluates the company's ability to manage its operations, manage risks and protect resources.
The Audit Board assesses the operational, financial and reputational risks faced by the company. This includes reviewing and, if necessary, improving risk management strategies.
The Audit Board evaluates the company's compliance with legal requirements and regulatory compliance. This includes ensuring the company's compliance with laws, regulations, and ethical standards.
The Audit Board manages relations with the company's external independent auditors and coordinates audit processes. This includes ensuring the effectiveness and independence of external audit processes.
The Audit Board reviews internal and external reporting processes and ensures the accuracy, integrity and transparency of reports. This includes providing accurate and timely information to stakeholders.
The Audit Board provides audit and advisory services to the company's management and increases the company's accountability and transparency. It also plays an important role in ensuring stakeholder confidence and preserving the company's long-term sustainability.