The Board should grant the head of each control function the
authority and responsibility to report periodically to it or one of its
committees. The Board should determine the frequency and depth
of such reporting so as to permit timely and meaningful
communication and discussion of material matters. The reporting
should include, among other things:
information as to the functions strategy and longer term
goals and the progress in achieving these;
annual or other periodic operational plans describing
shorter term goals and the progress in achieving these;
and
resources (such as personnel, budget, etc.), including an
analysis on the adequacy of these resources.