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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.




  

Your search criteria have found 17 publications

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The UK Corporate Governance Code (Revised 2014)
Published by: ACI September 2014  UK
The Financial Reporting Council (FRC) has revised the UK Corporate Governance Code (the Code) and Guidance on Risk Management, Internal Control and Related Financial and Business Reporting (the Guidance). The primary objectives of the amendments are to improve the information available to investors about the long term viability of listed companies and around risk management.

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Audit committee reports
Published by: ACI August 2014  UK

The last reporting season has seen audit committees get to grips with the new reporting requirements relating to how the audit committee discharges its duties.

The ACI has performed a survey of FTSE 350 company annual reports and in our report we have provided some observations on how the requirements are being addressed by different companies.


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Global Boardroom Insights 4 – Audit Committee Effectiveness
Published by: ACI July 2014  UK

In this issue of Global Boardroom Insights, we revisit the fundamentals of audit committee effectiveness with seasoned audit committee chairs of leading global companies around the world; but we’ve gone a step further to explore the practices and nuances that these audit committee chairs consider vital to being truly effective in a complex and rapidly changing environment.

Our sincere thanks to those who shared their time and insights with us— Yves-Thibault de Silguy, Douglas A. Warner III, Nicolas C. Allen, Mike Wareing, John Cyran and Hong-Chang Chang.


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EU Audit Reform
Published by: ACI June 2014  UK
The legislative process for EU audit reform has reached its conclusion with the publication of the new legislation (a Regulation and a Directive) in the Offi cial Journal. There is a two year transition period which means that the legislation will become applicable in the 28 Member States of the EU from 17 June 2016.

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Audit committees’ and auditors’ reports
Published by: ACI May 2014  UK

As long-term investors, the belief that effective stewardship benefits companies, investors and the economy as a whole is core to our investment philosophy and approach. Well-governed companies are better positioned to manage the risks and challenges inherent in business and are better able to capture opportunities that help deliver sustainable growth and returns.

Amongst the many changes to corporate reporting this year, enhancements to audit committee and auditor reporting, have been quietly but keenly anticipated. The purpose of these reports in framing and communicating the focus, quality and relevance of the work done by audit committees and auditors is signifi cant to us as shareholders.

While we are clearly at a very early stage in the development of this enhanced reporting, we have been pleasantly surprised by the usefulness of some of the disclosures. We are seeing audit committee and auditor reports being actively circulated and discussed amongst shareholders as part of the normal review and discussion regarding companies. But there is more to this than just an annual due diligence review. There is a strong subjective element in how we, as shareholders, assess the stewardship of a business and the quality of its reporting and auditing, and these reports provide an important medium that can contribute to that. In a world that is rarely black or white, they also help underpin the credibility and trust that needs to be inherent in the relationship between the leadership of a company and its shareholders.

The example shown by those who have embraced the purpose and intent of the new disclosure requirements is very welcome. There are, though, still cases where reporting has remained bland and more reflective of a boilerplate approach, leaving investors asking questions. I hope that all audit committee members and auditors will take a keen interest in the examples of emerging good practice that have been seen. I also welcome this timely survey and the observations and points that it highlights. These echo many of our own views about what we have seen and the challenges and characteristics of good practice that can make a real difference.

The lessons that can be drawn from this survey will assist us all in developing a sound and practical basis of understanding and dialogue between companies, auditors and their shareholders. It’s a challenge we hope that all companies and auditors will embrace.

Iain Richards

Head of Governance and Responsible Investment Threadneedle Asset Management


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EU Audit Reform Imminent
Published by: ACI April 2014  UK
The European Parliament has now voted to approve a Regulation and a Directive intended to reform the audit market in the EU. It remains now for the Council of Ministers to ratify the measures thereby paving the way for the legislation to enter into force in the EU in the second half of 2014. There is a two year transition period which means that the legislation will become applicable in the 28 Member States of the EU in 2016.

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ACI Breaking News
Published by: ACI April 2014  UK
Welcome to the ACI Breaking News UK, a monthly bulletin from the KPMG’s Audit Committee Institute that brings you information on UK and international standards in the accounting and regulatory space. This bulletin is based on articles from KPMG IFRG Limited’s Breaking News, which are available on the Global IFRS Institute site

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Global Boardroom Insights – The Cyber Security Challenge
Published by: ACI March 2014  UK

As many companies and organizations are recognizing – and experiencing first-hand – cyber attacks are no longer a matter of if, but when.

Recent cyber breaches at major corporations highlight the increasing sophistication, stealth, and persistence of cyber attacks that organizations are facing today – from nation-states, organized crime, and hacktivists, as well as threats from within the organization (which often pose the greatest risk).

The critical challenge of protecting information systems and assets – financial information, customer data, intellectual property – and the reputational and regulatory implications of failing to do so continue to raise the stakes on cyber security and governance. Investors and regulators are increasingly challenging boards to step up their oversight of cyber security and calling for greater transparency around major breaches and their impact on the business.

Not surprisingly, cyber risk is rapidly climbing up on the audit committee’s agenda. According to KPMG’s 2014 Global Audit Committee Survey nearly 40 percent of audit committees have primary oversight responsibility for cyber security risks, and 45 percent believe the audit committee (or board) doesn’t devote sufficient time to cyber security.

In this edition of KPMG’s Global Boardroom Insights, we take a deep dive into this issue, exploring key elements of effective cyber risk oversight and governance – from understanding key vulnerabilities and integrating cyber security into the overall risk management program, to ensuring effective communication and reporting from the CIO (or equivalent role) and having a robust cyber-incident response plan in place. Our sincere thanks to those who shared their time and insights with us – Sir Jonathan Evans, Jeffrey Keisling, Brian Stevenson, Richard Doern, Sridar Iyengar and Jan Zegering Hadders.


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The UK ACI Professional Development Programme 2014
Published by: ACI February 2014  UK
As an audit committee member you need to keep abreast of issues and overcome challenges you face in today’s ever-changing economic climate

The KPMG sponsored Audit Committee Institute (ACI) provides audit committee members with practical insights, resources, and peer exchange opportunities focused on strengthening oversight of financial reporting and audit quality, and the array of challenges facing boards and businesses today – from risk management and emerging technologies to audit reform and effective governance. Established in 2002, the ACI has continued to be a source of learning for over 2500 UK audit committee members across the quoted, private, public and not-for profit sectors

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Competition Commission – final decision on remedies
Published by: ACI January 2014  UK
The UK Competition Commission has released its final report on the supply of statutory audit services to large companies in the UK. The report confirms that the Commission believe that competition is restricted in the audit market and largely follows both the provisional findings report which was published in February as well as the provisional decision on remedies in July.

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EU Audit reform
Published by: ACI January 2014  UK
At a meeting of the Permanent Representatives Committee of the Council (COREPER) in December, an agreement was reached with Member States on a draft package of measures for reform of the audit market including mandatory audit firm rotation of public interest entities (PIEs) and restrictions on non-audit services that can be provided by their auditor.

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Audit Committee Priorities 2014
Published by: ACI January 2014  UK
In 2014, audit committee agendas will be shaped by continued economic uncertainty, globalisation and geopolitical turbulence, increased government regulation, and an interconnected world where technology is accelerating everything. Focused, yet flexible agendas, exercising judgment about what belongs on the committee’s agenda, and taking deep dives on key risks and challenges facing the business will be critical.

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KPMG’s 2014 Global Audit Committee Survey
Published by: ACI January 2014  UK
PMG’s 2014 Global Audit Committee Survey captures the views of nearly 1,500 audit committee members around the world on a range of issues. These include the top challenges facing companies in 2014 and the audit committee’s increasing workload. We also explore corporate performance, chief financial officer (CFO) and finance organization effectiveness plus the quality of the information directors receive on key company risks.

Our survey identifies broad international trends and provides detailed country data on audit committee challenges and concerns in different geographies

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ACI Risk management, internal control and going concern
Published by: ACI December 2013  UK
The Financial Reporting Council (FRC) has published for consultation changes to the UK Corporate Governance Code, guidance for boards of listed companies and standards for auditors covering risk management and reporting. Supplementary draft guidance for directors of all banks has also been issued.

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ACI Quarterly 42
Published by: ACI December 2013  UK
Welcome to the forty-second edition of the UK Audit Committee Institute Quarterly – the publication designed to help keep audit committee members abreast of regulatory matters, company law, accounting & audit issues and changes in the corporate governance arena.

This issue of the ACI Quarterly has an IT and technology focus. We start by looking at the impact of information leaks and the vulnerability of companies to cyber attacks. We then look at cyber crime in the context of wider IT technology risk and the dangers of underinvestment in technology. Our final technology piece addresses the role of IT internal audit and the skills and resources necessary to keep pace in a rapidly changing world.

Looking beyond IT and technology matters, this issue of the ACI Quarterly looks at integrity risk associated with third party business relationships and some of the unique risks associated with joint ventures and other strategic alliances.

We finish this edition of the Quarterly with our regular regulatory update. I encourage all readers to support the ACI. We each fulfil our own role, but by working together to raise awareness and share knowledge we can all help ensure we adopt leading practice in our roles as audit committee members.


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Cyber Security for audit committees - An introduction
Published by: ACI November 2013  UK
Audit committees have a critical role to play in ensuring that their organisations have robust cyber security defences – not in understanding the minutiae of the technology involved, but in leading governance and policy. GCHQ director Sir Iain Lobban has been quoted as saying that business secrets are being stolen on an ‘industrial scale’ with 70 sophisticated cyber espionage operations a month against government and industry networks. Clearly, this is not an issue where a ‘wait-and-see’ approach is viable.

This means being able to answer questions such as: What are the key assets requiring protection? How are they being protected? Who is responsible for protecting them? What level of cyber security risk is considered acceptable? How would the organisation respond to a major cyber security incident?

If the answers to these questions are not at your fingertips, you are not alone. However, the expectations of audit committees in terms of cyber security are growing.

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Insights into IFRS: An overview
Published by: ACI September 2013  UK
Insights into IFRS is all about explaining the standards and illustrating their application through examples based on the collective experience of IFRS specialists from around the global KPMG network. This companion guide, Insights into IFRS: An overview is designed to help Audit Committee members and others by providing a structured guide to the key issues arising from the standards.

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