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| UK ACI Publications, Surveys & Resources
The UK Audit Committee Institute is dedicated to providing audit committee members with timely information that will assist them in improving the audit committee and financial reporting processes. This section consists of surveys and articles related to audit committee trends and corporate governance issues. This section also contains a number of other publications relating to wider issues that may of use to audit committee members.
Results pages:
Page 1 of 1
Total 18 titles
ACI Global Boardroom Insights
Published by: ACI
April 2013
UK
In this new global publication from KPMG’s Audit Committee Institute (ACI) – the first in a series – we bring together the views of audit committee chairs from significant global organisations on key challenges and priorities shaping audit committee and board agendas in 2013. These seasoned directors share their insights on a range of issues, including lessons learned from the past several years; keys to maintaining strong audit committee/auditor communications; how the speed of technology change and an increasingly complex risk environment are impacting the audit committee and board agenda; and more.
ACI Chair 100 Group – April 2012
Published by: ACI
April 2013
UK
The third meeting of The Audit Committee Institute’s ACI Chair 100 Group – a forum for the audit committee chairs of FTSE 100 companies. The meeting, held in April, addressed the FRC agenda and statutory audit market competition.
The Group, established in 2011, has the objectives of providing a forum for audit committee chairs to debate issues with their peers (and others such as the FRC or European policy makers); and generating thought leadership for the benefit of the non executive director community at large.
If you have any queries please do not hesitate to contact Nicola Collins on 020 7694 8226 or by email on: nicola.collins@kpmg.co.uk.
ACI Quarterly 40
Published by: ACI
March 2013
UK
In this issue of the ACI Quarterly Andrew Underwood, Partner, KPMG, discusses why supply chain risk management is now more critical than ever. Malcolm Marshall picks up on findings of the ACI International Survey of Audit Committee Members, in relation to cyber security threats. Hitesh Patel, Partner, KPMG, in his article The Cost of Complacency Rises as Old Fashioned Con-Artistry Makes a Comeback, discusses the findings of KPMG’s Fraud Barometer. Next, Paul Evans, Director, Risk the
Boardroom, asks How confident are you that risk is being managed effectively in your organisation?
Matt Chapman, from our Better Business Reporting practice, examines a new era of corporate reporting and Richard Reid, London Chairman, discusses boardroom dynamics. Next, the Competition Commission’s provisional conclusions of its market investigation into the supply of statutory audit services to large companies in the UK are summarised, as is the Financial Reporting Council’s Consultation Paper: Revision to ISA (UK and Ireland) 700: Requiring the auditor’s report to address risks of material misstatement, materiality and a summary of audit scope. We also provide a summary of the Department of Business’s second draft of the revised Directors’ Remuneration Reporting Regulations. We finish this edition of the Quarterly with our regular financial reporting update.
The ACI Chair 100 Group - Febraury 2013
Published by: ACI
February 2013
UK
At the fifth meeting of the ACI Chair 100 Group - a forum for the audit committee chairs of FTSE 100 companies, the group debated dialogue with investors on audit committee reporting and audit issues with Guy Jubb, Standard Life Investments & George Dallas, F&C Management Ltd. This document provides a summary of the debate that took place.. If you have any queries please do not hesitate to contact Nicola Collins on 020 7694 8226 or by email on: nicola.collins@kpmg.co.uk.
ACI Going conern
Published by: ACI
February 2013
UK
On 30 January 2013 the Financial Reporting Council (FRC) published a consultation package entitled: Implementing the recommendations of the Sharman Panel: revised guidance on going concern and revised International Standards on Auditing (UK and Ireland).
ACI FRC proposals to improve the auditor’s report
Published by: ACI
February 2013
UK
On 4 February 2013 the Financial Reporting Council (FRC) responded to criticism that auditors’ reports are uninformative by issuing a Consultation Paper: Revision to ISA (UK and Ireland) 700: Requiring the auditor’s report to address risks of material misstatement, materiality and a summary of audit scope.
Audit committee statement – Auditor appointment
Published by: ACI
February 2013
UK
From years commencing on or after 1 October 2012, compliance with the UK Corporate Governance Code will require that a separate section of the annual report should describe the work of the audit committee in discharging its responsibilities, including, an explanation of how it has assessed the effectiveness of the external audit process and the approach taken to the appointment of the external auditor, and information on the length of tenure of the current audit firm and when a tender was last conducted.
Such disclosures will inevitability be very company specific. For those companies that are thinking about what might be disclosed – even though the 2012 Code is not yet applicable – the following narrative provides an example of the sort of information that might be given.
Audit committee statement – Financial reporting 2013
Published by: ACI
February 2013
UK
From years commencing on or after 1 October 2012, compliance with the UK Corporate Governance Code will require directors to give a description of the significant issues considered by the audit committee in relation to the financial statements and how these issues were addressed. From the same date, the auditor will be required to report by exception (or explicitly confirm that there is no exception to report) as to whether the directors’ description of the work of the audit committee appropriately addresses matters communicated by the auditor to the audit committee. The following provides an example – to provoke views on how the new provision should be interpreted – of the sort of information that could be disclosed as part of the board’s narrative on how the audit committee discharges its duties.
Audit Committee Priorities 2013
Published by: ACI
January 2013
UK
In 2013, audit committee agendas will be shaped by continued economic uncertainty, globalisation, digitisation, and increased government regulation. Focused, yet flexible agendas – and exercising judgement about what belongs and does not belong on the committee’s agenda, and when to take deep dives – will be critical. To help audit committees meet the governance challenges of the coming year (recognising that priorities will vary by company and industry) we offer our Audit Committee Priorities for 2013.
ACI Quarterly 39
Published by: ACI
December 2012
UK
In this issue of the ACI Quarterly Robin Cartwright, Partner, KPMG talks about why the best boards now take a holistic view of risk which can actually add value to the business. In Pressing the reset button on executive pay, Caroline Johnson, Senior Manager, KPMG, examines the reality of the shareholder spring and this is followed by a summary of discussions that took place at the New York Stock Exchange Share Forum with audit committee members.
Our Accounting and Tax Technology Team discuss the costs, time and risks associated with manual accounting and tax processes and the rising trend of organisations introducing software to refine these processes. This is followed by a dedicated section on European Commission developments that examines three areas that have seen prominence in Europe over the last few months: women on boards, narrative reporting, and the Commission’s Company Law and Reporting Action Plan.
We finish this edition of the Quarterly with our regular financial reporting update.
ACI The BOFI Programme 2013
Published by: ACI
October 2012
UK
ACI The BOFI Programme 2013
ACI Professional Development Programme 2013
Published by: ACI
October 2012
UK
ACI Professional Development Programme 2013
ACI Narrative reporting proposals: October 2012
Published by: ACI
October 2012
UK
Following an earlier Consultation Document in September 2011, the Government has published its proposals for ‘a new structure for narrative reporting in the UK’. The proposed changes are designed to ‘reenergise reporting’ and, without stifling innovation, encourage the best in reporting through regulation, best practice and guidance.
Changes to the FRC UK Corporate Governance Code
Published by: ACI
September 2012
UK
We are delighted to be able to provide you with a brief summary of the Financial Reporting Council’s changes to the UK Corporate Governance Code.
These changes will impact four key areas:
ACI Quarterly 38
Published by: ACI
September 2012
UK
In this issue of the ACI Quarterly Eddie Short, Partner, KPMG discusses the risks associated with ‘Big Data’ – the term used to describe the proliferation of data assets which most businesses find themselves having to deal with. Next, Peter Wakkie, the former corporate governance executive of Dutch retailer, Ahold, focuses on proactive corporate governance at times of corporate crisis.
We take a look at what boards should be doing, if anything, in response to the Eurozone crisis and this is followed by an article on the future of financial reporting. The ACI in the US provide a summary of discussions at their latest roundtables, that focused on whether boards were now taking a more holistic view of their governance activities in response to the rapidly changing business environment.
We include a regulatory update and finish this edition of the Quarterly with our regular financial reporting update.
ACI Quarterly 37
Published by: ACI
June 2012
UK
In this issue of the ACI Quarterly David Ellis, Partner, People Services, KPMG, considers What’s next for executive pay? Ben van der Veer, non executive director at Reed Elsevier and Aegon, discusses the importance of expertise, character and experience in an effective NED and we look at how companies are Adapting business strategy to the regulatory outlook. Derek Scott, Director, Tax Investigations at KPMG, discusses key aspects of the agreement that the UK reached with Switzerland in relation to taxation.
We include a regulatory update and finish this edition of the Quarterly with our regular financial reporting update.
UK ACI Quarterly 34
Published by: ACI
September 2011
UK
In this issue of the ACI Quarterly David Matthews, KPMG, discusses the issues of corporate reporting asking if integrated reporting is a way of addressing these issues. Next we present an interview with Frans Cremers, a seasoned Dutch non executive director, on the working
relationship between the audit committee chairman and the external auditor. We also
take a look at emerging IT issues by examining the issues surrounding cloud adoption by
companies. In addition we look at the trend of regulating to prevent future corporate
governance failures.
We also briefly discuss the FRC’s consultation on boardroom diversity together with a few
additional regulatory announcements. This edition of the Quarterly finishes with our regular
financial reporting update.
ACI UK Corporate Governance Code – changes to enhance governance in UK businesses
Published by: ACI
May 2010
UK
Following a period of consultation the FRC have issued the newly named UK Corporate Governance Code. This document provides a brief overview of the changes made to the corporate governance guidance.
Results pages:
Page 1 of 1
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© 2013 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.
KPMG International Cooperative ("KPMG International") is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.