Audit And Risk Committee Terms Of Reference (AIM Listed Company)
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ƵSource file
Jurisdiction
England and WalesCost
Free to useType of legal document
🏷️ Audit and risk committee terms of referenceBusiness activity
Define audit and risk committeeA audit and risk committee terms of reference covers the legal responsibilities of the committee with regards to auditing and risk management. This includes specifying the committee's purpose, authority, and duties with regards to these areas. Additionally, the terms of reference may also outline the committee's composition, meeting procedures, and reporting requirements.
This template serves as a guide for drafting the terms of reference document, which outlines the roles, responsibilities, and authority of the Audit and Risk Committee in promoting effective corporate governance, financial reporting, risk management, and internal control practices within the organization.
The document covers various aspects such as the committee's composition, qualifications, and appointment process for its members, including the necessary skills and expertise. It also details the committee's reporting lines, relationship with the board of directors, and any specific legal or regulatory requirements applicable to AIM-listed companies in relation to audit and risk functions.
Furthermore, the template provides a framework for the committee's core activities, including the review and oversight of the company's financial statements, internal control systems, internal and external audits, risk assessment and management, and compliance with relevant laws and regulations. It may also touch upon matters such as the committee's meeting procedures, frequency, and quorum requirements.
By utilizing this legal template, AIM-listed companies can ensure that their Audit and Risk Committee operates in accordance with best practices and legal requirements, promoting transparency, accountability, and integrity in the company's operations. It provides a structured basis for the committee's work and helps safeguard the interests of shareholders, regulators, and other stakeholders, fostering trust and confidence in the company's financial reporting and risk management practices.
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