Audit Committee Self-Evaluation Questionnaire

Summary

This template questionnaire is intended for use by an audit committee to assist with its performance assessment. This template includes practical guidance and drafting notes. The audit committee of the board directors serves a critical role in governance relating to public financial reporting, internal controls, management of key risks and general oversight of the company's values and processes. The audit committee serves to ensure that those involved in the company's financial reporting and internal controls have the adequate background and expertise to carry out their responsibilities in an effective manner. The audit committee interacts and works with the company's board of directors, management as well as internal and external auditors. This questionnaire should be provided to audit committee members and others who interact with the audit committee to receive additional feedback and assessment. This may include the chief executive officer, chief financial officer and independent auditors. The audit committee should consider designating a coordinator to establish a timeframe for receiving and processing the results. This template questionnaire is a suggested framework for an audit committee's assessment and should be tailored to suit the particular needs and circumstances of the company. For more content on audit committees, see Audit Committee Resource Kit. For a full listing of key content for in-house counsel and corporate secretaries when performing corporate functions, see In-House Corporate Secretary Resource Kit. For more information on compensation committees, see NYSE and Nasdaq Board of Directors and Committee Governance Requirements Under Sarbanes-Oxley and Dodd-Frank and Audit Committee Charter (SEC, NYSE, and Nasdaq Compliant). Note that this template questionnaire is a suggested framework for a compensation committee's assessment and should be tailored to suit the specific circumstances of the company.