Insight

Initial orientation

Length and formality of new AC member orientation sessions will vary from company to company, it should provide an overview of various company aspects.

While the length and formality of a formal orientation session will vary from company to company, it should provide new AC members with an overview of:

  • The business – including its products and services, customers, and competitors, as well as the key risks facing the company
  • The overall financial status of the company
  • The company’s near- and long-term strategy
  • Expectations for AC members and board members (generally), and an overview of board processes—including meeting schedules for boards and committees, and a copy of the board by-laws
  • Risk oversight assignments that are specific to the AC and beyond financial reporting risks
  • The company’s ethics/compliance program and culture
  • Expectations for AC members and board members (generally), and an overview of board processes—including meeting schedules for boards and committees, and a copy of the board by-laws
  • Risk oversight assignments that are specific to the AC and beyond financial reporting risks
  • The company’s ethics/compliance program and culture

Who participates in the initial orientation session will vary, depending on how the company’s orientation process is structured, e.g., whether the initial orientation is viewed as the first step in a more lengthy process, or whether it is viewed as a more comprehensive orientation session. Depending on the approach, only a few executives might participate in the initial orientation session—e.g., the general counsel, chief financial officer (CFO), chief audit executive (CAE)—or a number of others might participate as well, including perhaps the chief executive officer (CEO), chief risk officer (CRO) or equivalent, controller, and chief compliance officer. The AC chair or lead director may choose to attend as well.

Explore all topics in the Audit Committee Member Onboarding report


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