Introduction

In today's complex and highly scrutinized corporate environment, the Audit Committee stands as a critical pillar of robust corporate governance, playing an indispensable role in safeguarding financial integrity, overseeing risk management, and ensuring compliance. As regulatory demands intensify and the spectrum of risks widens, the effectiveness of this committee is paramount for maintaining investor confidence and driving sustainable organizational value. This comprehensive training course is meticulously designed to equip current and aspiring Audit Committee members, board directors, and senior executives with the essential frameworks and practical strategies to provide exemplary oversight.

This 5-day intensive program will empower participants to cultivate a deep understanding of financial reporting oversight, master enterprise risk management (ERM) principles, and refine their ability to lead with diligence and strategic foresight. You will learn to effectively challenge management, oversee internal controls, and ensure transparent communication regarding financial health and risk exposure. By mastering these critical competencies, you will amplify your impact in the boardroom and confidently steer your organization towards a future of integrity, resilience, and sustained success.

Duration: 5 Days

Target Audience

• Audit Committee Members
• Current Board Members (Executive and Non-Executive)
• Chief Financial Officers (CFOs)
• Chief Risk Officers (CROs)
• Heads of Internal Audit
• Compliance Officers
• Legal Counsel advising Boards
• Company Secretaries
• Senior Executives preparing for Audit Committee roles
• Consultants specializing in governance and risk

Objectives

• Understand the evolving role and responsibilities of the Audit Committee.
• Master best practices in financial reporting oversight and integrity.
• Develop advanced skills in overseeing enterprise risk management (ERM).
• Learn to effectively challenge management and external auditors.
• Cultivate effective communication and collaboration with internal audit.
• Enhance understanding of internal controls and regulatory compliance.
• Understand the role of the Audit Committee in cybersecurity and data governance.
• Develop strategies for fostering a culture of ethics and accountability.
• Create a personalized action plan for enhancing Audit Committee effectiveness.

Course Modules

Module 1: The Evolving Role of the Audit Committee

• Defining the core responsibilities and legal duties of the Audit Committee.
• Understanding the Audit Committee's mandate in modern corporate governance.
• Exploring the relationship with the full board, management, and auditors.
• Current trends and challenges impacting Audit Committees (e.g., ESG, digital transformation).
• Assessing the effectiveness of an Audit Committee.

Module 2: Financial Reporting Oversight and Integrity

• Understanding financial statements, accounting standards, and reporting processes.
• The Audit Committee's role in ensuring the integrity of financial reporting.
• Overseeing internal controls over financial reporting (ICFR).
• Reviewing critical accounting policies and estimates.
• Addressing complex accounting issues and regulatory changes.

Module 3: Enterprise Risk Management (ERM) Oversight

• The Audit Committee's role in overseeing the organization's ERM framework.
• Understanding key risk categories (strategic, operational, financial, compliance, reputational).
• Reviewing risk appetite, risk tolerance, and risk mitigation strategies.
• Ensuring effective risk reporting from management to the committee.
• Integrating risk oversight with strategic planning.

Module 4: Internal Audit Effectiveness

• The Audit Committee's role in overseeing the internal audit function.
• Ensuring internal audit independence, objectivity, and resources.
• Reviewing internal audit plans, reports, and follow-up actions.
• Leveraging internal audit insights for improved governance and controls.
• Best practices for the Audit Committee's relationship with the Chief Audit Executive.

Module 5: External Audit Relationship and Performance

• The Audit Committee's role in appointing, overseeing, and compensating external auditors.
• Ensuring auditor independence, objectivity, and audit quality.
• Reviewing the scope of the external audit and audit findings.
• Discussing critical audit matters and key accounting judgments.
• Managing auditor rotation and tender processes.

Module 6: Compliance, Ethics, and Cybersecurity Oversight

• The Audit Committee's role in overseeing compliance programs and regulatory adherence.
• Understanding the committee's responsibility for ethical conduct and whistleblower mechanisms.
• Overseeing cybersecurity risks, data privacy, and IT controls.
• Reviewing the effectiveness of anti-fraud and anti-corruption programs.
• Ensuring a culture of integrity and accountability.

Module 7: Enhancing Audit Committee Effectiveness

• Strategies for effective meeting preparation, facilitation, and decision-making.
• Cultivating a culture of constructive challenge and open dialogue.
• The importance of continuous learning and professional development for committee members.
• Best practices for committee composition and succession planning.
• Creating a personalized action plan for strengthening your Audit Committee's impact.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 7 working days before commencement of the training.