Role of auditors and audit committee
In recent years the audit committee has become one of the main pillars of the corporate governance system in British public companies. The audit committee is created with the aim of enhancing confidence in the integrity of an organisation's processes and procedures relating to internal control and corporate reporting.
Boards rely on audit committees to, among other things, review financial reporting and to appoint and provide oversight of the work of the external auditor. Audit committees can also play a key role in providing oversight of risk management
The audit committee should review arrangements by which staff of the company may, in confidence, raise concerns about possible improprieties in matters of financial reporting or other matters
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