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The Chair's Agenda
A letter on internal control which must be given our full attention
– May 2022Each year, in addition to the opinion on the annual financial statements, the Chair of the Audit Committee receives a management letter on internal control from the statutory auditors. What should the Chair of the Audit Committee do with this letter?
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The Chair's Agenda
In April, the Chairman keeps an eye on the financials and the other on the non-financials
– April 2022The preparation of financial statements has become a routine process. This is not the case for non-financial matters. Companies that are lagging behind in ESG must be prepared to answer sometimes embarrassing questions. This will be particularly the case in Europe with the gradual implementation of the directives on Corporate Social Responsibility and Taxonomy.
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The Chair's Agenda
In March, the accounts are closed
– March 2022The Board of Directors is responsible for closing the annual accounts. It entrusts the Audit Committee with the bulk of the work prior to this task. The Audit Committee does not carry out this work on its own but relies heavily on the services of the Statutory Auditors, who are the Audit Committee’s key contacts.
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The Chair's Agenda
February is a good time to conduct a self-assessment of the Audit Committee
– February 2022This process is initiated by the Chairman of the Committee in consultation with the Chairman of the Board of Directors. The results of this exercise will make it possible to identify areas for improvement in the committee’s operations.