Attention Audit Committees! Are You Set For 2017?

The law of 23 July 2016 on the audit profession and Regulation (EU) N° 537/2014 on specific requirements regarding the statutory audit of public interest entities extend the responsibilities of audit committees ("ACs"). We've outlined 6 steps to consider in your process of implementing the new requirements:

Step 1 – Does your entity require an AC? Do you have the right members on the AC?
Step 2 – What are the roles and responsibilities of the AC?
Step 3 – How should the AC be involved in the tender process?
Step 4 – What is the specific role of the AC in terms of non-audit services?
Step 5 – What kind of relationship should the AC maintain with the external auditor?
Step 6 – What should the additional report of the external auditor to the AC include?