The role of directors and audit committees

ASIC has updated its Information Sheet on Audit quality – The role of directors and audit committees (INFO 196).

The Information Sheet includes a new section titled ‘What features of audit committees support audit quality?’.

It also covers the following issues:

  • why audit quality is important
  • the auditor’s responsibilities
  • the roles of directors and audit committees
  • the directors’ responsibilities for auditor independence
  • who should manage the appointment of auditors
  • what matters should be considered when setting audit fees
  • how directors and audit committees can promote audit quality
  • possible reporting considerations for directors.

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David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.

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