The guidance contains recommendations about the conduct of the audit committee’s relationship with the board, with the executive management and internal and external auditors. However, the most important features of this relationship cannot be put into a code of practice: a frank, open working relationship and a high level of mutual respect are essential, particularly between the audit committee chairman and the board chairman, the chief executive and the finance director. The audit committee must be prepared to take a robust stand, and all parties must be prepared to make information freely available to the audit committee, to listen to their views and to talk through the issues openly
