Roles and Responsibilities of Audit Committees in Public-interest Entities
Roles and Responsibilities of Audit Committees in Public-interest Entities

Summary/Abstract: In the worlds, the role and rules governing the functioning of audit committees are one of the main topics in the discussion on corporate governance in public-interest entities. Audit committees have become a permanent component of supervisory bodies in publicly traded companies and financial institutions in many countries. Efficient and effective functioning of audit committees is seen as an opportunity to improve supervision quality in the entities. This paper describes the effect of the current legal regulations on establishing audit committees in Polish financial institutions and publicly traded companies. The author analysed the roles and responsibilities of audit committees in such entities in order to initiate a discussion on the competencies and liability of audit committee members in Poland. Having analysed the Rules of Operation of audit committees as well as other documents the author classified the main areas of audit committees’ activity in the analysed entities and present the author’s theoretical concept of integrated audit programme in public-interest entities, as well as directions for further research. The following research methods have been used: critical analysis the source documents and internal regulation in selected financial institutions and publicly traded companies, as well as legal acts.

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