Audit committee functioning in public interest entities – current status and future perspectives
Audit committee functioning in public interest entities – current status and future perspectives

Summary/Abstract: The statutory obligation for an audit committee establishment in public interest entities is set forth in the Act on Statutory Auditors of May 7, 2009. It constitutes the crucial component of corporate governance system as the guarantor of financial statements accuracy, appropriate relations with statutory auditors and internal audit. The functions of audit committee, resulting from legal regulations, include: accounting system monitoring with main emphasis on financial reporting, internal control system and risk management system, as well as the supervision and coordination of internal and external audits. The objective of the hereby paper is to present the essence, role, tasks and rules of audit committee functioning, as well as identify problems referring to its functioning efficiency assessment and its evolution directions.

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