Each year the Chair of the audit committee should undertake a review of audit committee working. We have developed a targeted package to help with this.
We will carry out an observation of the audit committee before interviewing audit committee members, other board members and the internal and external auditors. A short on-line survey for all board members then tests how they value or not value the work of the audit committee, and we review the past six months of audit committee papers. Our findings are then discussed with the audit committee before finalising the report and presenting this to the main board.