Revisjonsutvalg

Revisjonsutvalg, or audit committee, is a committee of a company's board of directors established to oversee the integrity of financial reporting and the oversight of internal control and risk management. The committee also monitors the work of external and internal auditors and its activities are designed to support board accountability and stakeholder confidence.

Composition and independence: The members are typically non-executive and independent directors with relevant financial or accounting expertise. The committee is usually chaired by an experienced director and operates under a formal charter or mandate approved by the board. Its size depends on the company's size and complexity.

Responsibilities: Key duties include approving the scope and timing of audits, reviewing financial statements and related disclosures, monitoring internal control systems, assessing risk management processes, and ensuring auditor independence and performance. It reviews findings from internal audit and external audit, follows up on identified deficiencies, and coordinates communications between management, auditors, and the board. It may also oversee compliance programs and whistleblower mechanisms.

Governance context: The revisjonsutvalg is a central element of corporate governance in many jurisdictions. In Norway, the term refers to a board committee tasked with independent oversight of financial reporting and audit activities, often recommended or required for listed companies under applicable governance codes and regulations.