Audit Committee confronted with new regulations
“Audit Committee confronted with new regulations” was the title of the workshop organized by Personalities in cooperation with Mazars on 6 July 2017 in Warsaw.
On June 21 the amendment to The Act on Statutory Auditors, Their Self-Governing Organisation, Entities Authorised to Audit Financial Statements and on Public Oversight entered into force. The most important changes of the Act involve establishing and functioning the Audit Committee of public companies. The Act introduces an extensive catalogue of criteria relating to the independence of the members of the Audit Committee and it also constitutes that at least a majority of audit committee members, including the Chairman, should meet the criteria of independence.
Monika Kaczorek– a statutory auditor, partner and vice-president of the board of Mazars Audyt Sp. z o.o. presented the topic: “Responsibilities of the Audit Committee on financial reporting and selection of an auditor” in which she discussed the process of financial reporting, the effectiveness of internal systems and the issues of monitoring performance of the financial audit activities.
During the workshop the following topics were presented:
- The activity of modern Supervisory Board in the company's financial matters
- New rules for the functioning of the Audit Committee within the Supervisory Board
- Cooperation of the Audit Committee and the statutory auditor
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Additional information can be found on the Personalities website.