The following are some recommendation extracted from CIMA’s guideline: A Framework for Internal Control which might be useful to those who wish to familiarize with the minimum role of the Audit Committee:

1. to confirm and ensure the independence and objectivity of external auditors and review with management any areas of disagreement between management and the external auditors;
2. to review and recommend approval of or otherwise the company’s major accounting policies, principles and practices;
3. to review with the external auditors the interim and final results of the company;
4. to discuss with the external auditors the scope of the external audit, the extent of their reliance on internal audit, and any matters arising from the external audit;
5. review with the Chairman and Chief Executive the adequacy of internal control systems including the internal audit function; its professional standards; scope; resourcing; reporting arrangement; work plan and interface with the external auditors. The Chief Internal Auditor or Head of Internal Audit must have direct access to the Audit Committee;
6. to approve the external audit fee and review any non-recurring, non-audit services to be performed by the external auditors and to appraise and report on any possible conflicts of interest;
7. to review the responses of management to major recommendations made by external or Internal Audit;
8. review policies and practices involving legal compliance, ethics and other such matters and ensure that these are adequate;
9. to meet with the external auditors at their request at any time they deem necessary.