New Recommendations for Audit Committees

Recommendations on the operation of audit committees have been issued by Poland's Financial Supervision Authority (KNF).

The recommendations are a statement of good practice based on international standards, guidelines of international organisations as well as knowledge and experience of audit companies.

The recommendations do not add to an audit committee's statutory duties but are merely intended to facilitate the work of its members. For example, they include a list of several dozen example questions to which the audit committee should seek answers as part of its supervisory process.

An audit committee's monitoring role has to cover four key areas:

• financial reporting and accounting