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.
Features and articles
Audit Committees are playing an increasingly critical corporate governance role in terms of their leadership on financial reporting, internal controls, risk management and the internal and external audit functions.
Designed to give investors, and other users, the ability to assess the financial integrity of a company, financial reporting and compliance with relevant reporting frameworks is an essential tool for holding management to account. More than this, high quality financial reporting can contribute to a strong and efficient economy by improving transparency and liquidity and thereby lowering the cost of capital.
A new guide designed to help audit committees of smaller listed and AIM quoted companies improve their financial reporting has been published by ICAEW and the FRC.
Having an effective Audit Committee is essential for good corporate governance as it leads on financial reporting, internal controls, risk management and external audit functions.
ICAEW’s Financial Services Faculty has issued guidance to enhance the dialogue between bank auditors and their audit committees.
Helpsheet explaining how audit committees should assess whether their policy for pre-approval of non-audit services (NAS) complies with the FRC revised Guidance on Audit Committees, given in the FRC Ethical Standard (2016).
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.
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
IFRS 16 presents key challenges and considerations for management, boards and audit committees as well as external users of accounts. Here are the implications for each of these audiences.
The ICAEW published the report Audit of banks: lessons from the crisis in June 2010 and committed to produce good practice guidance to enhance the dialogue between bank auditors and their audit committees. This report sets out that guidance. It considers ‘dialogue’ in its broadest sense, covering the fundamentals of a good auditor/audit committee relationship, the structuring of meetings throughout the audit cycle, and the content and style of reporting to the audit committee.
Webinars and other recordings
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.
A series of three recordings on the common challenges faced by Executive and Non-Executive Directors. There are common concepts that apply in both the public and the private sector.
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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.
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The author asks whether companies need more ethics and compliance officers on board audit committees if better ethics and moral responsibility are required by society
The article offers suggestions for increasing corporate cybersecurity efforts for the board. Topics discussed include ineffectiveness of artificial intelligence in preventing cybercrime and data security failures; making sustainable data privacy compliance; and verifying identities and providing access to resources through authentication.
The article offers several tips for businesses to create a board of directors that can help manage cybersecurity risks. These tips include consulting both the board and chief information security officers on cybersecurity issues, demanding clarity in security reporting, and focusing on the human aspects of cyber risk.
The article focuses on the risk management by the financial services industry in the United States. The industry faces various challenges that include non-financial risks like cybersecurity, model, third-party and also economic risks. Many companies now have a risk committee of the board with primary responsibility for risk oversight
This IIA guidance is designed to help the audit committee and other stakeholders to harness the power of internal audit for the good of their organisations.
This report concerns the role of audit committees of listed companies1 in supporting and promoting external audit quality and provides IOSCO’s views on best practices
11 page paper from EY that looks into the role of boards and committees in governing culture. Separate sections look at the Nomination Committee, Remuneration Committee and Audit Committee and give questions on culture for each committees' reflection, as well as the board itself.
The 2018 Guidance has been enhanced to recognise the increasing importance of non-financial reporting while maintaining the key principles of existing guidance. The FRC believes that the integration of non-financial information into the strategic report is a key part of telling a company’s story
The FRC published the revised Guidance for board effectiveness in July 2018. Section 4 Audit, risk and internal control look as the audit committee's (or risk committee's if separate) responsibility in this area.
Monthly newsletter from Deloitte's (US) Center for Board Effectiveness that 'provides audit committee members with recommendations, overviews of corporate governance resources, regulatory and legislative environment outlooks, and technical updates'.
In this report, Deloitte outlines its blueprint for "Internal Audit 3.0" - the next generation of internal audit. The report draws upon the experiences of audit committee chairs, executives and business leaders, to try and clarify the expectations of those involved in audit, along with the necessary skills and enablers to deliver those expectations.
Two page briefing from the Audit Committee Institute (KPMG) highlighting the immediate accounting and reporting implications to consider when preparing half-yearly and annual financial reports.
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