Audit Oversight Board

To protect public interest in audit quality, AOB and the World Bank have launched an Audit Committee Toolkit. This joint publication shares the latest knowledge and international best practices for an audit committee to fulfill its role and responsibilities.

The toolkit explains the laws underlying the role of audit committees and lists appropriate questions to be addressed to a company’s management and external auditors. It also provides guidance regarding terms of reference for audit committees, internal audit charters and how to evaluate the performance of an audit committee. 

An audit committee is one of the key committee of the board of directors. Under the law, all listed companies and public sector companies are required to form an audit committee. These companies include some of the largest employers and taxpayers in Pakistan. The audit committees of these companies perform a valuable function which leaves a lasting impact on protection of stakeholders’ interest and consequently on the country’s economy.

Sharing his views on the toolkit, Tariq Iqbal Khan, Chairman AOB, said “Audit partners rated audit committees as one of the most important factors for audit quality in a survey conducted by AOB earlier this year and this world class toolkit is the best go-to resource for all audit committees in Pakistan”​​

You may download some of the specific extracts of the toolkit below. These are reproduced here for the convenience of members of audit committees who may wish to keep these handy for ease of reference.