5 Tips for Improving Audit Committee Meetings

The audit committee is the hardest to manage. Their workload dwarfs that of the other board committees. Not only will the audit committee be the committee primarily responsible for overseeing the financial stuff – the earnings releases, the audits, etc. – they often get dragged into issues that aren’t numbers related. Whistleblower complaints, internal investigations, internal audits come to mind.

The audit committee meetings often involve a parade of people coming & going. They have a large group of people from inside – and outside – the company that attend portions of the meeting. The CFO, Controller, head of internal audit and compliance internally – the outside auditor, outside counsel for any investigations from the outside. They meet in executive session often. How do you effectively run a meeting like this so it doesn’t become a zoo?

Here are five things related to audit committee meetings you should know:

• Involve yourself in the prep session
• Speak up when necessary
• Ensure minutes meet regulatory requirements
• Don’t blindside the committee
• Maintain a list of follow-up actions

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