Abstract

The Act of 07.05.2009 on Certified Auditors, their Self-Government and Entities Authorized to Audit Financial Statements, and on Public Supervision (hereinafter: “the Act”) introduced into the Polish legal system the category of public interest entities. This category includes, inter alia, joint-stock companies carrying out specific tasks, such as banks, public companies, insurance companies, brokerage houses and institutions issuing electronic money. In accordance with the Act, a new collective body should be set in those companies, namely the audit committee. The idea of audit committees refers to the solutions formed in the 1990s in the structure of Anglo-Saxon economy. They were a response to the numerous crises of confidence in financial institutions (such as the Bank of Credit and Commerce International cases), or large corporations (such as the Maxwell Communications case) associated with abuses in the area of risk management and financial reporting. Audit Committees are formed in the structure of joint stock companies as separate organizational structures of the supervisory board. They always consist of members of the supervisory board. Some of those members must meet the requirements as to the criteria of independence. It should be stressed that audit committees are not the governing bodies of companies within the meaning of the provisions of civil law. Their powers are limited to a preparatory function for the entire supervisory board and they focus on monitoring the accuracy of financial reporting processes and risk assessment.