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Effective relationship between the audit committee, the internal audit and the external audit

Authors: Belgian Association of Listed Companies, Belgian Institute of Registered Auditors, Institute of Internal Auditors Belgium

The guidelines were drawn up in order to assist the members of the audit committee of listed companies in the application of the legal provisions and the recommendations of the Belgian Corporate Governance Code 2009, dealing with internal control, risk management and the financial reporting process.

These guidelines are aimed at organizing the interaction and consultation between the audit committee, the internal audit and the external audit, in accordance with their respective responsibilities and tasks related to internal control, risk management and the financial reporting process.

The guidelines contain practices which are used in general in listed companies, possibly with a different degree of formalism.