MIoD & KPMG launch second Audit Committee position paper for Mauritius
The Mauritius Institute of Directors (MIoD) and KPMG joined hands to launch Position Paper 2 for Audit Committee Forums in the island economy, aiming at better interaction of Audit Committees with internal and external auditors, increasing their awareness and enhancing their ability to implement effective Audit Committee processes. (Image:Composite)
The Mauritius Institute of Directors (MIoD), in partnership with KPMG, launched a guide on the interaction of Audit Committee with Internal and External Auditors in order to help Audit Committees in Mauritius across both public and private sector enterprises to improve their effectiveness.
The launch was conducted in the presence of Dr Chris Pierce, CEO, Global Governance Services Ltd.
The Audit Committee members showed in-depth focus on improving the level of efficiency of the AuditCommittees, and one of the themes under discussion was their interaction with the main lynchpins of financial and operational efficiency, that is the external auditor, as well as the internal auditor, among others.
The objective of this second guide of the Audit Committee Forum published by the MIoD and KPMG is to discuss the best way of improving the process of supervision.For that purpose, the Audit Committee must be capable of understanding the precise and unique role of every control in the detailed financial statements, and take into account the responsibility of each participant.
The role of the audit committee is to assure the integrity of a company through procedures and regular control over the functioning of the organisation.It is important, however, to keep in mind that the audit committee must monitor alongside if executive management communication is cascading effectively to the entire organisation.
“The Audit Committee has to make sure that the company complies with the Code of Governance of the company and that the Code of Responsibility and Ethics is respected and supported by top management. The responsibility is to lift the veil on any negligence by the company by notifying the board of directors on the rectification measures to be taken in line with good governance,”highlighted MIoD CEO Jane Valls.
As for John Chung from KPMG, he noted:“The Audit Committee is responsible for examining and approving the audit plan that encompasses all possible risks, so as to ensure and verify that business processes are indeed acceptable. It is a question of not only being in compliance with all required standards but also of protecting the audited company by guiding the activity of the Internal Audit and by imposing on auditors the obligations and the ethical principles which they have to observe.”
Dr Chris Perce spoke ofhow importantit is forAudit Committees to have the right support in gaining a better understanding of and implementing these changes, as the new Code of Corporate Governance for Mauritius will be published soon.
It is to be noted that the ACF forum is a center of information and divisionfor audit committees and their members, members of the forum being Georges Leung Shing (Chairperson), Anil Gujadhur, Alastair Bryce, Paul Halpin, John Chung, Fabrice Koenig, Jerome De Chasteauneuf, Sanjay Molaye, Pierre Dinan, Catherine Mcllraith,Varsha Bishundat, Vidula Darshini Doorgakant, Madhavi Ramdin, Maurice Enouf, Philise Tse Yuet Cheong, Jean-Michel Felix, Khoymil Goburdhun, SheilaUjoodah and Jane Valls.