October 29, 2019: To protect the public interest in audit quality, the Audit Oversight Board (AOB) and the World Bank have launched an Audit Committee Toolkit that explains the international best practices for audit committees in fulfilling their role and responsibilities.
The toolkit explains the laws underlying the role of audit committees internationally and lists appropriate questions to be addressed to a company’s management and external auditors. The toolkit also guides how to develop terms of reference for audit committees and internal audit charters and how to evaluate the performance of audit committees.
An audit committee is a key committee of the board of directors. Under the law, all listed companies and public sector companies are required to form an audit committee. These include some of the largest employers and taxpayers in Pakistan. The audit committees of these companies perform a function which leaves a lasting impact on the protection of stakeholders and consequently on the country’s economy.
“Audit partners rated audit committees as one of the most important factors for audit quality in a survey conducted by AOB earlier this year and this world-class toolkit is the best go-to resource for all audit committees across Pakistan”, said Tariq Iqbal Khan, Chairman AOB.
AOB is sharing a printed copy with the audit committees and the toolkit can also be downloaded from AOB’s website without any cost or hassle. AOB is the independent regulator established by the parliament to protect the public interest by enhancing audit quality.