Roles and Responsibilities of Audit Committees in Public Finance Sector
Roles and Responsibilities of Audit Committees in Public Finance Sector

Summary/Abstract: The rules governing the functioning of audit committees are one of the main topics in the discussion on public governance. Efficient and effective functioning of audit committees is seen as an opportunity to improve supervision quality in the public sector. In the public finance sector regulations have introduced audit committees to public administrations in many European countries. A discussion on extending the scope of responsibilities and competencies of audit committees in the public finance sector has continued all over the world. Polish regulations are also moving in that direction. This paper describes the effect of the current legal regulations on establishing audit committees in the public finance sector. The author analysed the roles and responsibilities of audit committees in public finance sector 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 similarities and differences in the functioning of audit committees in the public finance sector and public-interest entities. The following research methods have been used: critical analysis and deduction with particular reference to source documents and internal regulation of entities, as well as legal acts.

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