Audit Committee Charters GPN

Audit Committee Charters Part of a series of notes to help Centers and their internal auditors review their own Center internal management processes from the point of view of managing risks and promoting good governance and value for money, and to identify where improvement efforts could be focused SUMMARY This note recommends that all Center Audit Committees have written charters approved by their Boards, specifying the purpose, authority, membership, and responsibilities of the Audit Committee. The responsibility sections of the charters should address the Committee’s responsibilities with regard to • the Center’s financial statements • the Center’s risk management and internal control, and governance systems • internal audit • external audit • compliance and litigation • reporting to the board • other responsibilities The model charter accompanying this note provides a benchmark to Centers for assessing their Board of Trustee Audit Committee charters and identifying where the charter could be improved. Acknowledgment This note has been prepared solely for use by CGIAR Centers and their internal auditors. We thank the Institute of Internal Auditors for the model audit committee charter used as the basis of the model accompanying this note. This note draws on a number of external sources of good practice from various CGIAR member countries as well as CGIAR sources. These are referenced in the note. Good Practice Note – ...