Audit Committee Formation in the Aftermath of 2007-2009 Global Financial Crisis, Volume I

CHAPTER 5

Evaluation, Education, and Training of Audit Committee Members

Executive Summary

The ever-increasing responsibilities of audit committees require that audit committee members possess adequate knowledge, skills, and qualifications to effectively fulfill their assigned oversight responsibilities. Members of audit committees should be provided significant training and education to ensure that they understand and appreciate the important role they play in improving the effectiveness of corporate governance, reliability of financial reporting, effectiveness of internal controls, and credibility of audit services. In particular, there should be scheduled special training, orientation, and educational sessions for new members of audit committees. ...