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Everything we start must come to an end. This is where we close the audit. We capture what we learnt from the audit and deliver our reports.

This step is about:

  • Audit close
  • Capture lessons learned.
  • Deliver reports.

Audit committees today face a host of competing priorities in an ever-changing regulatory and governance landscape. As such, it becomes increasingly important for the committee to consider how enhanced transparency with regard to their role, composition and oversight of the external auditor can heighten market place confidence.

It is clear that the audit committees of the top 50 JSE listed companies appreciate their role and function, as well as the need for proper disclosure and transparency. It is however somewhat surprising that, given the maturity of these committees, not all audit committee reports comply with the statutory and governance requirements.

Given the level of reliance on the audit committee by the market, shareholders and other stakeholders (including regulators), it is important that audit committees constantly evaluate the quality and efficacy of their reports. Clear, concise and thorough disclosures of how the committee performed its activities help provide investors with insight into the role of the committee in protecting their investment. Equally, other stakeholders derive value and comfort from clear and comprehensive reporting. As such, audit committees may wish to evaluate their current audit committee reports to determine whether additional disclosures may be useful to the broad spectrum of the company

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