What are elements of an effective audit committee?

A panel at the 2014 World Congress of Accountants explored the qualities of an effective audit committee. Interestingly, their recommendations included:

1. Diverse mix of skills and expertise including a greater knowledge of technology;
2. Access to external experts when necessary;
3. An eye to future risks;
4. Communication skills to engage other committee members, management, external auditors, and internal auditors;
5. A robust definition of independence.

For more information on effective audit committees, please see the referenced article from the Journal of Accountancy, or contact Eric Van Dop at (231) 726-5855, or evandop@brickleydelong.com.