CICA Audit Committee 20 Questions
CICA Audit Committee 20 Questions
CICA's "20 Questions Boards Should Ask About the Audit Committee"
The Audit Committee Performance Support System (ACPSS) from the Canadian
Institute of Chartered Accountants is a detailed and comprehensive tool which can help Audit Committees in meeting the new requirements such as those in Multilateral Instrument 52-110, issued by the Canadian Securities Administrators, as well as improving the overall effectiveness and efficiency of their operations. The assessment questionnaires are based on the conceptual framework set out in CICA's leading publication, Integrity in the Spotlight: Opportunities for Audit Committees.
The GovernanceExcellence Module asks 20 Questions which summarize the key aspects of the more detailed ACPSS system. This allows an organization to quickly assess its practices against this framework of regulation and best practices and to then decide what more detailed analysis and assessment might be appropriate.
Factors assessed
- A1. Audit Committee Strategy
- A1.1 Audit Committee Focus
- A1.2 Audit Committee awareness of positioning
- A1.3 Audit Committee objectives
- A1.4 Board priorities and direction
- B1. Oversight Practices / Positioning
- B1.1 Status of charter
- B1.2 Overall focus of charter
- B1.3 Financial reporting / disclosure practices
- B1.4 Audit oversight practices
- B1.5 Risk management and control practices
- B1.6 Other practices
- C1. Effectiveness Practices/ Positioning
- C1.1 Independence, composition and structure
- C1.2 Information and processes
- C1.3 Relationship Management
- C1.4 Accountability, Reporting and Evaluation
- C1.5 Annual assessment of Audit Committee members
- C1.6 Annual Board Chair performance evaluation
- D1. Audit Committee Outcomes
- D1.1 Audit outcomes
- D1.2 Quality of reporting
- D1.3 Cost of capital
- D1.4 Impact on corporate governance