Audit Committees do not have to go it alone.
In Ireland, The Companies Act 2003 requires all Public Limited Companies to establish an Audit Committee. All state bodies are required to establish Audit Committees to comply with the Code of Governance for State Bodies. The code and best practice requires Audit Committees to have the authority and funding to hire independent counsel or other advisors, such as Internal Audit Consultancy Services, when and to the extent needed. Best practice requires that at least one Audit Committee member should be a financial expert.

Internal Audit Consultancy Services can;

• Provide assurance on compliance with Legal and Best Practice Corporate Governance standards
• Prepare Reports to the Board on behalf of the audit committee
• Evaluate the independence and performance of your external auditor
• Assess the quality of your internal audit department
  (IIA guidance is at least every 5 years)
• Analyze the quality and integrity of financial statements
• Assess the completeness of financial disclosures and the reasonableness of accounting estimates
• Assist in the Risk Management Process
• Conduct internal investigations
• Develop organisation compliance / governance programs
• Provide guidance on changes in corporate governance, new rules for boards of directors, and director responsibilities, risks and liabilities.