A position paper that provides good governance
The European Confederation of Institutes of Internal Auditing (ECIIA) has recently published a new position paper, which aims to promote the potential role of Audit Committees as effective contributors to good governance. The role of ECIIA is to enhance corporate governance through the promotion of the professional practice of internal auditing. The mission is to develop good Corporate Governance and Internal Audit at the European level among the 47 000 members of the ECIIA.
Moreover, the position paper aims to help organisations who lack the competence of audit committees. The document will increase knowledge of the benefits that organisations can bring together with practices to attain successful operations. The document includes situation descriptions of various countries, focusing on composition, role, and responsibilities. Furthermore, the relationship with internal audit is also described extensively.
Melvyn Neate, ECIIA Public Committee Chairman, states that even though each organisation is individual in their characteristics and needs, the document will fill the purpose of creating good governance.