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Views on the Role of Audit Committee in Corporate Governance

Author

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  • Radu Dorin Lenghel

Abstract

The Audit Committee is a structure which has consulting role for the Management Board or for the Supervisory Board. The Audit Committee is composed only of non-executive administrators independent from the executive management. The Audit Committee will support the Management Board in the monitoring of credibility and integrity of financial information provided by the company, especially by the revision of relevance and consistency of accounting standards applied by the company. The Management Board or the Audit Committee, as applicable, will regularly examine the efficiency of financial reporting, internal control and risk management system adopted by the company. The Audit Committee will meet whenever it is necessary, but at least twice a year, on the occasion of drawing up the semestrial and annual statements, when the Committee assures their dissemination to shareholders and the general public. The Audit Committee reports every year to the Management Board or the Supervisory Board regarding the activity carried out during the previous year and whenever it considers appropriate or necessary for the fulfilment of its responsibilities.

Suggested Citation

  • Radu Dorin Lenghel, 2014. "Views on the Role of Audit Committee in Corporate Governance," Knowledge Horizons - Economics, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(3), pages 132-135, September.
    • Handle: RePEc:khe:journl:v:6:y:2014:i:3:p:132-135
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    Cited by:

    1. Ganesh M. Pandit & Grace M. Conway & C. Richard Baker, 2017. "Audit committee requirements in six major capital markets: How far have we come?," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 14(1), pages 30-61, February.

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