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.
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Features and articles
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.
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.
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.
Guidance for audit committees: Guidance to assist non-executive directors on audit committees to gain an understanding of the provisions of the Combined Code on Corporate Governance and the requirement for the audit committee to ‘monitor and review the effectiveness of the company’s internal audit function.’
Audit committees in Europe report.
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.
Webinars and other recordings
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.
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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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Reports in the KPMG 2019 global audit committee survey which states that it is "increasingly difficult" to oversee the major risks on the audit committee's agenda in addition to its core financial reporting oversight responsibilities. Committees should also probe the audit firm on its quality control systems that are intended to drive sustainable, improved audit quality, including the firm's use of new technologies.
Article revisits the board 's risk governance model and director skill sets; make culture an enterprise asset as well as an oversight priority; and focus on the quality of the risk management process.
Article details how organisations need to look beyond the technologies and focus on the threats' potential impact on their activities. Cybersecurity is a board responsibility and should not be delegated to IT security teams.
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
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.
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.
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
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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