An essential source of reference and route map for the position of Non-executive director. Contains case studies and checklists throughout. Chapter 8 of the handbook covers Financial reporting, auditing and the audit committee and contains Model terms of reference for audit committee and Checklist for the audit committee.
The guidance, issued by the FRC in April 2016, is 'designed to assist company boards in making suitable arrangements for their audit committees, and to assist directors serving on audit committees in carrying out their role.
Having a trustworthy whistleblowing process in place has become increasingly important as more and more high profile whistleblowers come to prominence in the media.
Stay up to date with the latest news and developments in corporate governance, which will help you in your work as a corporate governance professional, a member of a board or a non-executive director. Free to join.
Features and articles
The long-awaited government consultation paper on changes to the corporate governance and audit system is expected to advance the debate around audit quality. But what steps can and should audit committees, audit regulators, investors and auditors in the UK take now to improve audit quality?
Research from Grant Thornton on recent public interest reports by local auditors contains useful lessons for local authorities on the importance of good governance and strong financial controls.
16 February 2021: Kathryn Cearns OBE, amongst her many other appointments, is a Non-executive
ICAEW’s Internal Audit Panel has identified eight risk areas where boards and audit committees should be asking themselves whether they are receiving the objective assurance they need amid increased public scrutiny.
A practical guide for audit committees on improving financial reporting.
Assurance maps can be a powerful tool providing great insights for boards, senior management and audit committees. Here the Audit and Assurance Faculty explores the concept of assurance maps and the benefits to various stakeholders.
ICAEW’s Financial Services Faculty has issued guidance to enhance the dialogue between bank auditors and their audit committees.
What steps can and should audit committees, audit regulators, investors and auditors in the UK take to improve audit quality? This essay from the Audit and Assurance Faculty examines audit quality in terms of ownership, behavioural aspects, and structural drivers.
This report expands our examination to audit committees in a further six EU countries, spread across the centre and south, with various corporate governance traditions and different sized capital markets – namely Belgium, Cyprus, Greece, Malta, The Netherlands and Portugal.
Based on in-depth interviews with audit committee members in seven CEE countries, this report draws out insights on how audit committees are working, how they are having an impact and how they view the future. It provides insights into some of the common challenges still remaining at a time when the role of audit committees is expanding, largely driven by the introduction of new statutory requirements
Webinars and other recordings
This webinar will provide attendees with an overview of ICAEWs recommendations for developing an audit and assurance policy, based on proposals included in Brydon’s report on the quality and effectiveness of audit.
In this short 20 minute webinar, you will gain an increase understanding of today’s complex annual report requirements.
In this webinar we will cover three challenges for committees, and practical suggestions for how to work more effectively and efficiently.
Angela Crawford-Ingle, Chair of Audit & Risk Committees at Beazley plc, Swinton Insurance and River and Mercantile Group, and Tim Copnell, Founding Chairman of KPMG’s UK Audit Committee Institute share best practice in leading an effective Audit Committee.
Disclaimer: The opinions expressed by external guest speakers in interviews or other publications included on this website are, by their nature, those of the speaker. They are not necessarily fully endorsed by the ICAEW or purport to reflect the official policies and views of the ICAEW or its members.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
A chapter exploring how the oversight of risk should be dealt with at the level of the board of directors.
Practical guidance on the effectiveness of audit, risk, remuneration and nomination board committees.
The full text of the Combined Code and related documents issued by the Financial Reporting Council.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please note that ICSA publications are only available to ICAEW members and ACA students. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact email@example.com
Chapter 3 deals with the structure of the board, its governance role and responsibilities. It also gives brief overviews of the different types of board committees, including: audit; nomination; remuneration; and risk committees. These are dealt with in more detail in later chapters.
Chapter 7 gives details of the purpose of audit and the auditor's duty of care. The role of the audit committee is dealt with in detail, including audit tendering and internal control and risk management.
An authoritative guide to company secretarial practice. Detailed commentary is accompanied by over 80 precedents. Chapter 11 of the handbook looks at audit, including choice of auditor, audit rotation, audit committees and reports to the audit committee.
The Library & Information Service provides a collection of articles as a benefit of membership. Please log in to view these articles. If you are unable to access the articles, please see our Help and support page or contact firstname.lastname@example.org.
Article discusses how internal audit can help the board see an accurate picture of cyber risk
Article discusses internal IT security threats and how these shouldn't be left to the IT department and should b addressed by an organisation's internal controls.
The article discusses the need for companies to establish strong risk committee relationships to successfully resolve the challenges posed by the COVID-19 pandemic.
The article provides insights from several current and former chief audit executives on the key questions that they wish their audit committees would have asked them but never or rarely did.
The KPMG sponsored Audit Committee Institute's website contains a toolkit which is intended 'to serve audit committee members and help them to adapt to their changing role'. The toolkit includes an example meeting agenda and provides checklists for an audit committee to evaluate their internal audit function and to review their external auditors. The Audit Committee Handbook contains further checklists and templates in the appendix.
Audit Committee hub page from Deloitte. Includes surveys such as the Audit Committee disclosure in proxy Statements trends and best practice guidance and tools such as the Audit committee resource guide and the Audit committee brief newsletter.
Ernst & Young network for Non-executive directors and audit committee members. offers networking, technical workshops, thought leadership, guidance and webinars and podcasts.
This practical self assessment guide covers all aspects of the audit committee’s remit for companies outside the financial sector.
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