Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
This seminar explores the role and responsibilities of the Audit Committee, and what happens when it is blocked, mismanaged, or dysfunctional.
The Audit Committee has one of the most important, and misunderstood, roles in an organization. Be it a public company, private company or not-for-profit entity many organizations must have, or may voluntarily create, an Audit Committee. The Audit Committee's primary obligation to the organization, and by default its owners and funders, is to confirm that the financial reporting is accurate and timely.
There is no standard approach to implementing an effective Audit Committee as each organization has unique requirements. Provincial and federal securities legislation defines expectations but provides limited guidance on compliance. Organizations and the Audit Committee amend their processes on an ongoing basis to accommodate changing circumstances in order to be effective. There are a number of responsibilities assigned to the Audit Committee, some legislative and the remainder common practice, that this course will examine through the lens of an Audit committee member or a finance professional who reports to the committee.
Topics Include:
- How to implement an effective Governance Framework so that the Audit Committee can discharge its responsibilities and monitor the performance of other contributors.
- Examples of the Audit Committee Charter that defines the roles and responsibilities of this Committee and its members. Examples of an Audit Committee Agenda will be discussed.
- Examples of ethical behaviour that the Audit Committee should be promoting. Recent developments that affect the Audit Committee such as Canadian Auditing Standard 315 and the Supreme Court of Canada ruling on maintenance and champerty.
- Some examples of how Parkinson's Law- which states that "work expands according to the time available for its completion"- can hamper the efforts of the Audit Committee.
Schedule
- October 21, 2024, 8:30 a.m. - 12:30 p.m.
- October 22, 2024, 8:30 a.m. - 12:30 p.m.
Key Takeaways
By the end of this course, participants will be able to:
- Understand why an Audit Committee is required and the important governance roles that they are responsible for.
- Explain how legislation defines the role of the Audit Committee and how an Audit Committee discharges its responsibilities.
- Uncover what happens to organizations when the Audit Committee does not function properly.
- Explain how the Audit Committee liaises with management, other Committees, the Board of Directors and the External Auditor.
Who Will Benefit
This course is designed for current, or prospective, members of Audit Committees or Finance Managers who report to the Audit Committee (e.g., a CFO).
How to Access the Course
This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.
Electronic material can be accessed one week prior to the course and should be downloaded in advance.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Philip Maguire, CPA, CA, is a principal in Glenidan Consultancy Ltd., an accounting practice that specializes in Compliance and Internal Audit. Philip has over 30 years of business experience in Canada, Hong Kong, the Philippines, Ireland and the United States. His organization has implemented assignments across a variety of industries for companies with market capitalizations ranging from $50 million to $2 billion. Before he formed Glenidan Consultancy in 2005 Philip was a Vice-President of Finance at one of the country's largest financial institutions. He is also the founder and Managing Director of Executive Mentors Inc.
Testimonials
This course (The Role of the Audit Committee) was an excellent refresher given by an experienced accountant who went beyond the theory to many actual examples.