Document background
The Audit Committee Resolution is a crucial corporate governance document used by Australian companies to establish and empower their audit oversight function. This document becomes necessary when a company, particularly a public company or large proprietary company, needs to formalize its audit oversight arrangements in compliance with the Corporations Act 2001 and relevant regulatory requirements. The resolution typically follows standard Australian corporate governance practices and includes detailed provisions about committee composition, independence requirements, and specific responsibilities regarding financial reporting, external audit relationships, and internal control systems. The document serves as the primary reference point for the committee's authority and operations, often requiring review and updates to reflect changing regulatory requirements or business needs. For ASX-listed companies, the resolution must also align with ASX Listing Rules and Corporate Governance Principles.
