The Audit Committee is the most difficult committee to manage. Its workload far exceeds that of the other committees of the board. Not only is the Audit Committee primarily responsible for overseeing financial matters – earnings releases, audits, etc. – but it is also often drawn into matters that have nothing to do with numbers. Think of whistleblower complaints, internal investigations and internal audits.

Audit committee meetings are often a busy place, with many people from inside the company – and from outside – attending parts of the meeting. The CFO, the controller, the head of internal audit and compliance – the external auditor, the external legal counsel for any outside investigations. They often meet in board meetings. How do you effectively run such a meeting so that it doesn't become a zoo?

Here are five things you should know about audit committee meetings:

– Participate in the preparatory meeting
– Speak if necessary
– Ensure that protocols comply with legal requirements
– Don't surprise the committee
– Keep a list of follow-up actions

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