Lead a More Potent Audit Committee
The Audit Committee Index is designed to help you determine how to make your Audit Committee more effective by revealing strengths and weaknesses in the Audit Committee’s structure, policies, and practices.
The Audit Committee Index is the only board-driven, anonymous, confidential, and web-based evaluation tool to assess, enhance, educate and benchmark Audit Committees.
Questions, analysis and best practices were developed in partnership with FERF, the research foundation for Financial Executives International (FEI), the leading organization of financial executives and those who support them, as well as numerous other experts in the field. Whether you are a director of a public or private company, The Audit Committee Index will help make your Audit Committee more effective, highlight your Audit Committee’s strengths, areas to improve and areas of disagreement.
You cannot afford to miss this information.
- Improve Performance Our report enables your committee to establish a baseline and benchmark against internal metrics and best practices.
- Respond to Key Metrics – Our Indexes are customizable for your company and situation, to respond to any key metrics that you need.
- Make Better, Clearer Decisions – Our process helps directors identify and understand strengths and areas to improve,
- Avoid Mistakes – Contrary to other approaches, TBI is objective, independent, and comprehensive. With complete security, anonymity, and confidentiality, directors can answer freely and candidly, resulting in a valid report.
How does it work?
The Audit Committee Index is a user-friendly process can be facilitated internally or by an outside consultant who works with the board to develop an action plan to respond to any issues raised.
Step 1: Board members (and others, at the board’s discretion), anonymously, confidentially, and securely complete a comprehensive, online questionnaire. This takes approximately 15-20 minutes to complete. Upon completion, drawing on scientific methodology, the questionnaires are compiled and scored.
Step 2: A report of the results and analysis is immediately available to your evaluation administrator and other key stakeholders, as the board determines appropriate, either online or on paper. The report, which is a composite and provides no identifying information about individual respondents or the company, consists of:
- An overall Audit Committee Index score, together with a ranking of committee structure and composition, the role of the audit committee members, and leadership of the committee.
- Top 5 strengths, areas to improve and response ranges.
- Specific feedback on sections, subsections, and questions providing scores, ranges, and comparisons.
- A detailed inventory of specific questions with scores, ranges, comparisons, and anonymous comments, together with targeted best practices, stock exchange requirements, regulatory rules, and relevant Sarbanes-Oxley mandates.
It’s as simple as that.