Corporate Governance - Audit Committee - 2 Charter Matrix - AICPA

Audit Committee Charter Matrix INSTRUCTIONS FOR USING THIS TOOL: Preparing an Audit Committee charter is often referred to as a best practice, and is actually required for many public companies. However, the charter is often prepared and forgotten except for its annual review. This tool is designed to help audit committees make the charter a living document, and use it to manage the agenda. This tool is meant as a sample. Users of the tool should put their own charter in the first column, and use this example as a guide for defining the steps to accomplish each objective, the associated performance measure, and the scheduling. The Audit Committee charter presented here (first column) is based on one from a real company, and in some places goes beyond the requirements of the Sarbanes-Oxley Act of 2002 (the Act) and stock exchange requirements. This is by the choice of the company in question, and may be considered a good practice. The AICPA Audit Committee Toolkit 2 Audit Committee Charter Matrix For the Year Ending: ___________ When to Audit Steps to Achieve Committee Accomplish (Frequency Date Charter the Objective Deliverable Due Date) Completed 1. Each member of the Audit Test for independence, based Indicate in the Audit Affirm annually or whenever a Committee shall be a member on the regulations under the Committee minutes whenever change in status by any Audit of the board of directors, in Act and any other ...