Internal Control and Internal Audit

RISK COMMITTEE Some companies have riskiness committee cosmos separate from audit committee while others merge both(prenominal) committees as audit committee. The committee should be composed of bulk NEDs and their responsibilities are as follows: Set the risk policy stick risk awareness among staff Ensure compliance with risk policies check into risks within their own departments Review audit findings and reports on tonality risks Make recommendations to the board on meaning(a) matters relating to risk dodge and policies Ensure that the risk management systems and internal controls are admit and effective enough to manage the risk the attach to is subject to. Determine overall exposure to risk and monitor changes to risk exposure(may be due to new business venture or strategic choice) Provide report on internal controls in annual reports and accounts an ensure appropriate disclosures are made as per IFRS and Company Act.

ROLES OF AUDIT COMMITTES To monitor the integrity of the financial statements of the company and any formal announcements relating to the companys financial performance, canvassing significant financial reporting judgements contained in them; To review the companys internal financial controls and, unless expressly addressed by a separate board risk committee composed of supreme directors, or by the board itself Review the companys internal control and risk management systems; Monitor and review the effectuality of the companys internal audit right; Make recommendations to the board, for it to put to the shareholders for their approval in general meeting, in relation to the appointment, re-appointment and removal of the external auditor and Approve the pay and terms of engagement of the external auditor; Review and monitor the external auditors independence and objectivity and the effectiveness of the audit process, taking into consideration relevant UK professional and regulatory... If you desire to get a full essay, order it on our website: Orderessay

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