Practical guidance and other information on the work and responsibilities of the audit committee from external websites
In response to requests for guidance in this area, the FRC issued this practice aid to assist audit committees in evaluating audit quality.
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.
Guidance from the FRC, last published in July 2019 on development on standards and guidance in audit, including the role of the audit committee, quality monitoring, oversight of professional bodies, enforcement and future plans and strategy. The 2018 report is also still available.
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.
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.
FRC report published December 2017, providing insight from companies and investors on effective approaches to the Audit Committee reporting which they have been obliged to provide in the company’s annual report,since 2012. The 2013 Lab project report is also available.
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
Section 4 Audit, risk and internal control - from the revised UK Corporate Governance Code published by the FRC in July 2018.
Further information about the background of the guidance and links to previous editions are available from our dedicated page on the FRC Guidance on Audit Committees.
Guidance on Risk Management, Internal Control and Related Financial and Business Reporting - this guidance, from September 2014 integrates and replaces the FRC's Internal Control: Guidance to Directors and Going Concern and Liquidity Risk: Guidance for Directors of UK Companies. It links the guidance on internal control (Formerly known as the 'Turnbull guidance') with emerging good practice for risk management following the FRC's Board and Risk report and final recommendations of the Sharman Panel of Inquiry into Going Concern and Liquidity Risk.
A guide from BDO on the role and responsibilities of the Audit committee with practical considerations.
This practical self assessment guide covers all aspects of the audit committee’s remit for companies outside the financial sector.
Run by Mazars in association with five institutional investor groups, the Centre for Audit Committee and Investor Dialogue aims to promote dialogue between audit committees and their shareholders. A regular debrief of their meetings is freely available.
Guidance on the audit tender process from the Audit Committee Institute, part of the KPMG Board leadership Centre.
NAO guidance providing an overview of cloud services and outlining government policy on their use. It then sets out specific questions for audit committees to consider asking when engaging with their management at three stages: Assessment; Implementation; Management.
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.
ICSA guidance note that complies "fully with the requirements of the UK Corporate Governance Code, published in July 2018 (the Code) and reflects the FRC Guidance on Audit Committees (FRC Guidance), published in April 2016."
Ernst & Young network for Non-executive directors and audit committee members. offers networking, technical workshops, thought leadership, guidance and webinars and podcasts.
This EY document is guide and tool to help audit committee assess and report on the effectiveness of the external audit process. This PDF is editable allowing users to highlight text, write notes, add comments
This Ernst & Young checklist can be used by audit committees to perform a self evaluation or by boards as part of their assessment of the performance of the audit committee. The checklist was updated in January 2014.
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.
This Deloitte document provides charity audit committee members with a checklist covering what is required of them, to assess performance and identify areas for further development. While the checklist is not mandatory under charity legislation, it is recognised as a best practice benchmark for audit committees.
A blog post highlighting the areas that audit Committees should be probing for the impact of brexit. The article highlights some of the risks, controls and governance issues that should be considered.
A six page briefing on the questions for management following the decision to leave the European Union, focusing on the role of internal audit to support management and provide reassurance to the audit committee.
A short article which looks at the issues audit committee members need to monitor in the lead up to Brexit.
A short summary of the key questions that audit committees should be asking in the days following the referendum.
FRC guidance issued to preparers of annual reports for around 1,200 large and smaller listed companies which highlights key issues and improvements that can be made to annual reports in the 2016 reporting season to help to foster investment in the UK. The letter includes a section on disclosures relating to the EU referendum result.
YouGov survey for the FRC aiming to explore ACCs’ views on, and approach to, audit quality. The FRC was seeking a more detailed understanding of ACCs’ views to help inform its work to support Audit Committees in their role of driving high quality audits. The previous FRC Audit Committee Survey was in 2015.
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.
To help identify the pressing challenges facing audit committees – and their boards and businesses – in the current environment and in the months ahead, KPMG's Global Audit Committee Survey captures the views of nearly 800 audit committee members and chairs in 4 countries on a range of issues. KPMG publishes other Audit Committee surveys including Audit quality, Auditor transition and Changing auditors.
This report concerns the role of audit committees of listed companies in supporting and promoting external audit quality and provides IOSCO’s views on best practices
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.
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'.