We played a simulation of an audit committee meeting with 15 participants from the HEC Paris Executive MBA Program. It was on October 12 and 13 in Riyadh (Saudi Arabia).
We clarified industrial and commercial uncertainties, we studied some technical accounting topics, we checked the press release, and dealt with a last minute fraud case.
This meeting underlined the importance of being well prepared, having studied the issues, listening carefully to the various opinions, and coming together around a clear consensus.
Two thoughts amongst others:
- the chairperson plays an essential role in setting the tone and pace of the meeting;
- we probably have not allocated the appropriate amount of time to the issues that really matter.
At the end of the meeting, Xavier highlights the major learning points of this session:
- the need for audit committee members to have a good understanding of the subjects without venturing into micro-management;
- to have a “challenge & support” attitude towards management;
- not to forget the forward-looking vision of the business.
What are the next steps? Write a personal development program, participate in technical workshops, or engage in coaching to strengthen our future impact as a board member.
Thanks to Georg WERNICKE and his team for organizing this amazing bootcamp.