Typically, the Audit Charter would cover communication from the CAE to
the board. The Audit Committee's charter should spell out how & when
it is to report to the full Board. Personally, I favor giving the full
board copies of committee meeting minutes. That way, no one has to wonder
if "insignificant" issues they might find significant are being left out of any
reports. It lets everyone be comfortable that they are seeing the whole
story.
-----Original Message-----
From: Carlsen, David [mailto:[EMAIL PROTECTED]]
Sent: Tuesday, January 14, 2003 7:52 AM
To: '[EMAIL PROTECTED]'
Subject: Significant Items to Report to your BoardAlthough audit committees represent the Board, do any of your Internal Audit Charters formally specify certain significant items (such as risks greater than $____ ) that are required to be reported from the audit committee to the board. Or, do you consider such a policy as not necessary since the board representative, the audit committee, would have already been notified of the "significant" issue by the Chief Audit Executive? More than likely, a significant issue will be communicated to the Board by the Audit Committee; however, should or could such communication be made mandatory by an Internal Audit Charter or is that outside a Charter's scope?Regards,David
