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UK Audit Committee Roundtables Series

The UK Audit Committee Institute (ACI), facilitates interactive roundtables forums. The roundtables provide for the exchange of views and insights on topics of interest to board members, audit committees members and senior executives.

The summer 2007 roundtable – 28th June 2007
The current foundations of financial reporting are under scrutiny as never before.  The stewardship and the purpose of financial statements, real time reporting, the use of fair value and convergence between International Standards and US GAAP are giving rise to much heated debate. We explored these issues, and the future of financial reporting more generally at our eighth roundtable.

Our speakers at this event, which was chaired by John Griffith-Jones, Chairman, KPMG LLP (UK) were Philip Broadley, CFO with Prudential Plc and Chairman of The Hundred Group of Finance Directors, Tom Jones, Vice Chairman of the IASB, Peter Elwin, Head of Accounting and Valuation Research with JP Morgan Cazenove and Richard Bennison, UK Head of Audit at KPMG LLP (UK)

The Spring 2006 roundtable – 12th April 2006
Barely a week goes by without some mention or discussion of the potential for liability that non-executive directors face and the possible adverse effects this may have on the execution of their duties and their willingness to continue in such roles.  Our seventh roundtable looked at what directors can do should litigation arise, what they can do to avoid such litigation as well as the wider implications for the future.

Our speakers were Mark Hapgood QC who is a member of Brick Court Chambers, and Clare Canning who heads the Commercial litigation team at Barlow Lyde and Gilbert.

The Autumn 2005 roundtable – 7th September 2005
In 2004 the Turnbull Review Group, headed by Douglas Flint, were asked to review the impact of the Turnbull guidance on internal control since its introduction in 1999.When the group reported their findings in 2005 , they strongly endorsed the principles-based approach of the original guidance and recommended some areas for change.

At our Autumn roundtable Douglas Flint, Group Finance Director of HSBC Holdings plc and Chairman of the Turnbull Review Group, reflected upon the evidence received in response to the Review Group’s earlier consultation and how they have shaped the Group’s recommendations for revising the Turnbull Guidance.

The Autumn 2004 roundtable –23rd November 2004
The Operating and Financial Review (OFR) formed the subject for this roundtable. The event was held shortly before the regulations were due to be announced. Key speakers were: Rosemary Radcliffe, CBE, Phil Hodkinson, director of HBOS and Alun Bowen a senior partner at KPMG UK.

The Spring 2004 roundtable – 20th May 2004
This event focussed on internal controls and risk management which, under the revised Combined Code, now falls firmly within the remit of the Audit Committee unless expressly addressed by a separate board committee composed of independent directors. Key speakers were: Sir George Russell CBE, Deputy Chairman of ITV Plc, David Pimm, Director of Business Risk at Diageo Plc and Mark Stock, a risk management partner at KPMG UK.

The Autumn 2003 Roundtable - 9 October 2003
The ACI’s third roundtable event was held on Thursday 9 October 2003 at Claridges, London. The event focussed on the recommendation included in the Smith Guidance that audit committees should monitor and review internal audit activities. Key speakers included Norman Broadhurst, Chairman of the audit committee at both United Utilities Plc and Old Mutual Plc, Douglas Flint, who is Group Finance Director of HSBC Holdings Plc, and Alisdair Cameron who is a Director of Business Assurance for Centrica Plc.

Winter 2002 Roundtable – 27 February 2003
The ACI’s second roundtable event was held on Thursday 27 February 2003 at the Savoy Hotel, London and attracted over 140 attendees.

The lively agenda explored the proposed revisions to the Combined Code and provided guidance for audit committee members. Key speakers included Sir Robert Smith, Chairman of Weir Group plc and former president of ICAS, who chaired the FRC appointed group which published the Smith Report issued in January 2003; Peter Montagnon, Head of Investment Affairs at the Association of British Insurers; and Lord Sharman, ex-Chairman of KPMG International and non-executive director at BG International, Aegis Group and Reed Elsevier.

Some of the key open issues raised included audit committee reports, the assessment of the effectiveness of external auditors, the changing role of the audit committees in conjunction with the board, Sarbanes-Oxley and the 'Bannerman' exclusions.

Autumn 2002 Roundtable – 28 November 2002
The ACI held its first Roundtable debate on 28 November 2002. Over 80 audit committee members attended the event, which was held at the Millennium Mayfair Hotel, London.

The round table looked at both the role of the audit committee within the unitary board, and the relationship between auditors and audit committees. Michael Hughes, chairman of Assurance, introduced and chaired the event, with additional insight, anecdotes and historical context provided by Sir Sydney Lipworth QC and Ted Awty, chairman of KPMG’s Client Service Board.