Articles, feature and reports from the ICAEW on the work and responsibilities of the audit committee.
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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.
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.
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.
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.
Having a trustworthy whistleblowing process in place has become increasingly important as more and more high profile whistleblowers come to prominence in the media.
In the February issue of Finance & Management, we published an article by Robin Pritchard, focusing on the need for audit committees to demand more of their internal audit function, and for internal audit to take a more proactive role in the business. Here two veterans of internal audit give their responses.
Professor Robin Pritchard considers the critical role that audit committees and internal audit must play in the governance of a successful organisation.