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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 24 publications

Results pages: Page 1 of 1      Total 24 titles
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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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 committees’ and auditors’ reports
Published by: ACI January 2014  UK
There has been a stepped change in listed company reporting requirements for audit committees and auditors. That’s a challenge and it’s vital that it’s done well. KPMG has surveyed the first batch of reports under the new requirements and finds some good examples.

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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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ACI Global Boardroom Insights 2
Published by: ACI October 2013  UK
In the last edition of Global Boardroom Insights, one of our contributors noted the difficulties audit committees have in measuring audit quality - a major component of audit effectiveness. This is particularly true if one differentiates between ‘audit service’ (such as a no surprises environment, good communications and the chemistry between the audit committee and the audit partner) and the quality of the audit itself.

In this issue of Global Boardroom Insights, we explore the practical aspects of assessing audit quality in more detail, together with the relationship between the assessment of audit quality and any decision to tender the audit. Concerns around audit quality can differ widely by country, but the insights we’ve collected from seasoned audit committee chairs should be of interest in all regions.

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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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Remuneration reports
Published by: ACI September 2013  UK
A number of changes affecting executive remuneration have recently been made by the Government. The main change is the replacement of the current Quoted Companies: Directors’ Remuneration Report regulations with new regulations that come into effect for financial years ending on or after 30 September 2013. The new requirements on remuneration reports are supplemented by a change to the Companies Act 2006 that now requires mandatory shareholder votes on directors’ remuneration policies at least every three years at the AGM.

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Guidance on the Strategic Report
Published by: ACI September 2013  UK
The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, applying to financial years ending on or after 30 September 2013, were issued in August. While the new regulations represent a relatively modest change to the existing ‘Business review’ requirements, the FRC have issued for consultation Guidance on the Strategic Report with a view to providing a catalyst for companies to publish more concise and relevant narrative reports, thereby facilitating communication and engagement with investors.

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ACI Statutory audit services market investigation
Published by: ACI July 2013  UK
Summary of provisional decision on remedies

In February, the UK Competition Commission published its provisional findings of its investigation into the statutory audit market for large companies, finding that there is an Adverse Effect on Competition (AEC). It has now issued its provisional decision on the package of remedies thought necessary to remedy the AEC.

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ACI Internal audit in financial services
Published by: ACI July 2013  UK
Guidance for the Effective Internal Audit in the Financial Services Sector was published by the Committee on Internal Audit Guidance for Financial Services in July 2013. The guidance builds on International Auditing Standards and aims to improve the effectiveness and raise the profile of internal audit across the Financial Services sector.

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ACI New narrative reporting regulations
Published by: ACI July 2013  UK
New regulations, The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, provide for a new structure for narrative reporting in the UK. The new regulations are designed to reenergise reporting without stifling innovation – however, they stop some way short of the radical proposals introduced in the 2011 Consultation Paper The future of narrative reporting.

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ACI Chair 100 Group – 6 June 2013, summary of discussions
Published by: ACI June 2013  UK
At the sixth meeting of the ACI Chair 100 Group – a forum for the audit committee chairs of FTSE 100 companies - Rona Fairhead, HSBC Holdings Plc led the debated on the role of boards in dealing with risk.

This document provides a summary of the debate that took place.

If you have any queries please do not hesitate to contact Tim Copnell on 020 7694 8082 or by email on: acichair100group@kpmg.co.uk

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ACI Quarterly 41
Published by: ACI June 2013  UK
Audit Committee Institute – UK ACI Quarterly Issue 41

In this issue of the ACI Quarterly, KPMG’s Information Protection and Business Resilience Practice discuss Online privacy and customer data: corporate risk or competitive advantage? Next, David Eastwood and Waseem Aslam, KPMG Risk Consulting, examine how a company can prepare itself to handle the occurrence of a critical incident.

Priya Giuliani, KPMG Investigation and Compliance, asks the question Are finance shared service centres adequately managing the risk of fraud? And, Nicola Cobb looks at conflict minerals in the supply chain.

We give a brief overview of the Institute of Internal Auditors’ Guidance for boards and highlight two areas of FRC activity; namely the revised auditing standard and the adoption of lessons from consultation on going concern guidance

We finish this edition of the Quarterly with our regular financial reporting update.

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ACI International Standards News – May 2013
Published by: ACI May 2013  UK
Welcome to our first ACI International Standards News, a monthly bulletin from the Audit Committee Institute that brings you the latest need-to know information on international standards in the accounting and regulatory space.

It cuts through the complexity of change, providing KPMG's insight and links to business impacts, detailed analysis and application guidance.

There are quick links at the top of this pdf download, giving you easy access to KPMG's Global IFRS Institute and our own ACI website.

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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.

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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.

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