Why should governments establish audit committees? Governments have oversight responsibility and face challenges and risks similar to those encountered by corporate America. However, governance risks can be mitigated by applying the provisions of the Sarbanes-Oxley Act (SOX) to the public sector — in particular, through the use of an audit committee.
This government brief will walk you through the considerations necessary to plan and implement a successful audit committee, including, among other things:
Setting a mission for your committee