Audit board effectiveness review

Overview

Audit board effectiveness evaluation reviews members’ roles and performance to enhance governance and corporate value. First Compass provides expert analysis and improvement proposals to strengthen internal controls and compliance.

Support services

1. Individual-focused audit board evaluation

Audit board effectiveness evaluation focuses on assessing each member’s role performance, expertise, and understanding of internal controls. We investigate individual contributions and analyze their impact on the overall board’s effectiveness.

• Conducting individual interviews: We conduct interviews with each audit board member to assess their role performance.
• Performance evaluation: We evaluate each audit member’s skills and the effectiveness of the company’s oversight, identifying areas for audit improvement.

2. Audit board operation review and recommendations

In addition to individual evaluations, we assess the overall audit board processes to ensure effective functioning. We verify the board’s independence and its role in advising and supervising management, then propose improvements.

• Meeting management evaluation: We evaluate audit board discussions, collaboration, and decision involvement to enhance governance.
• Improvement implementation: Based on the effectiveness evaluation, we propose improvements to strengthen the audit board’s role and enhance the company’s overall risk management.

3. Audit board collaboration

The audit board maintains independence while collaborating with management and the board of directors. We support creating systems that enable effective cooperation to strengthen company-wide compliance and internal controls.

• Improving communication with other departments/strong>: We strengthen information sharing and feedback between the audit board, internal audit, board of directors, and management.
• Clarification of role responsibilities: We clarify roles and responsibilities to facilitate smooth collaboration with each unit and build an efficient audit system.