Finance officers in Northern Ireland have been urged to review the role of the audit and risk committee, following the sub-prime lending crisis. CIPFA Northern Ireland said the collapse of Northern Rock building society had highlighted the issue as a critical challenge for local authorities. The group is to hold a special seminar next month and its head, David Nicholl, said: ‘Audit committees are now established in many organisations, but many audit committee members still do not feel well equipped with the necessary knowledge and skills to effectively discharge their responsibilities.' He continued: ‘The role and effectiveness of non-executive directors is critical, and official rules make it clear that non-executives should satisfy themselves that financial information is accurate, and that financial controls and systems of risk management are robust and defensible.' The role of the audit committee, therefore, was central to the board discharging these important responsibilities.'
