Document background
The Audit Committee Resolution is a critical corporate governance document required for companies operating under Irish jurisdiction, particularly those subject to the Companies Act 2014 and EU regulatory requirements. This document becomes necessary when establishing or updating an audit committee's charter, during corporate restructuring, following regulatory changes, or when enhancing governance frameworks. The resolution typically follows specific requirements set by the Central Bank of Ireland and the Irish Auditing and Accounting Supervisory Authority (IAASA), especially for public interest entities. It must address committee composition, independence requirements, financial expertise criteria, and specific responsibilities regarding financial reporting, internal controls, and external audit oversight. The document serves as the foundational charter that governs the committee's operations and ensures alignment with both Irish corporate law and EU directives.
