What makes an audit committee effective, especially when corporations must navigate their way through difficult times? Audit committee members must be financially literate and capable of understanding the company’s business and financial plans, but above all they must have skeptical habits of mind, and the ability and willingness to ask probing questions from all directions. To be successful, audit committees must learn how to act independently, particularly in managing all stages of auditor relationships. When problems do occur, audit committees need to confront them immediately, getting the best possible advice and developing well informed action plans.
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