| Toolkit
Following the report by the Financial Reporting
Council group on the role and effectiveness of non-executive directors
we have developed a Toolkit
to provide examples of the reporting and documentation required by
Audit Committees. The Toolkit, which is being continually built
upon, will need
to be adapted to the circumstances of individual audit committees
and companies.
Shaping the UK Remuneration Committee
Agenda
The Remuneration Committee Institute
(RCI), sponsored by KPMG, provides
technical and regulatory knowledge
for remuneration committee members.
Revised Combined Code
A
concise summary of the changes (Size: 229 KB)
Smith Report – key
elements
A
concise summary of the Smith Report. (Size: 143 KB)
Specimen terms of reference
The specimen terms of reference in the ACI toolkit contain a number
of detailed activities specified in the guidance for audit committees
produced by the Financial Reporting Council group chaired by Sir
Robert Smith. If tailoring these terms of reference to the particular
needs and circumstances of their company, boards may not consider
this level of detail to be required. Nevertheless, the terms are
indicative of good practice.
Specimen
terms of reference. (Size: 191 KB)
Report on the audit committee’s activities – a
framework
The Smith report recommends that the annual report and accounts should contain
a separate section that describes the role and responsibilities of the audit
committee and the actions taken by the audit committee to discharge those responsibilities.
The
ACI toolkit provides a suggested outline for such a report.
Report
on the audit committee’s activities – a framework (Size:
148 KB)
Assessment of audit committees
The Smith report recommends that, in addition to reviewing its term
of reference, the audit committee should review its own effectiveness
annually.
The ACI toolkit provides a suggested framework for such a review
Assessment
of audit committee (Size: 143 KB)
Evaluation of external auditors
A checklist framework for an audit committee to carry out a formal
review of the effectiveness and efficiency of their external auditors,
without an audit tender. Such a review provides the audit committee
with a disciplined approach to keeping the auditors' performance
under review. It will also help to ensure that the auditors remain
alert to the company's needs and to maintaining an appropriate relationship
with the executive management, the audit committee and the board
as a whole.
Evaluation
of external auditors (Size: 144 KB)
Evaluation of internal auditors
A similar checklist framework for an audit committee to evaluate their internal
audit function. Such a review should be based on the audit committee's own
experience as well as management and the external auditors. In addition,
the head of internal audit should provide a self-assessment. This process
may identify other issues relating to the audit committee's own performance,
or the performance of management or the external auditors.
Evaluation
of internal auditors (Size: 150 KB)
Audit committee meeting agenda
As a result of the Smith report and other governance initiatives, audit committees
focus among other things on the effectiveness and efficiency of their meetings.
These are generally timed to meet financial reporting and audit cycles. There
should be as many meetings as the audit committee's role and responsibilities
require, varying due to the range and complexity of the issues under discussion.
A comprehensive (but not exhaustive) list of issues that can be
covered in each audit committee meeting is provided. Of course this
agenda should be tailored to the individual circumstances of the
company.
Audit
committee meeting agenda (Size: 111 KB)
This section of the Web site will be updated as more elements of
the toolkit are developed.
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Total 24 titles
Audit Committee Quarterly –Issue 20
Published by: ACI
March 2008
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
ACI Ten To-Do’s for Audit Committees
Published by: ACI
February 2008
UK

Ten things that audit committee’s should consider when deciding upon their 2008 agenda.
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Download PDF
(size 310K, download approx 50secs with 56K modem)
Horizon – Issue 3
Published by: ACI
December 2007
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Audit Committee Quarterly –Issue 19
Published by: ACI
December 2007
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Perspectives
Published by: ACI
September 2007
UK

The European Audit Committee Chairman's Forum provides audit committee chairmen from some of the most respected organisations in Europe with the opportunity to debate issues of concern with their peers and to develop pratical ways in which to enhance both audit committee effectiveness and the functioning of the capital markets.
Audit Committee Quarterly – Issue 18
Published by: ACI
September 2007
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Audit Committee Quarterly –Issue 17
Published by: ACI
June 2007
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Horizon – Issue 2
Published by: ACI
June 2007
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Horizon – Issue 1
Published by: ACI
June 2007
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Accounting judgements, estimates, and restatements
Published by: ACI
May 2007
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Audit Committee Quarterly – Issue 16
Published by: ACI
March 2007
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Remuneration Committee Journal, Issue 6
Published by: ACI
February 2007
UK

The Remuneration Committee Institute (RCI), sponsored by KPMG, provides technical and regulatory knowledge for remuneration committee members.
Perspectives
Published by: ACI
January 2007
UK

The European Audit Committee Chairman’s Forum provides audit committee chairmen from some of the most respected organisations in Europe with the opportunity to debate issues of concern with their peers and to develop practical ways in which to enhance both audit committee effectiveness and the functioning of the capital markets.
Shareholders’ Questions 2007
Published by: ACI
December 2006
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Audit Committee Quarterly –Issue 15
Published by: ACI
December 2006
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
A practical guide – Shaping the UK audit committee agenda - Appendices
Published by: ACI
November 2006
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
A practical guide – Shaping the UK audit committee agenda
Published by: ACI
November 2006
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
The Companies Act 2006
Published by: ACI
November 2006
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Audit Committee Quarterly –Issue 14
Published by: ACI
October 2006
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Statement in Directors’ Report as to disclosure of information to auditors
Published by: ACI
September 2006
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
Audit Committee Quarterly –Issue 13
Published by: ACI
June 2006
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
International Survey of Audit Committee Members
Published by: ACI
June 2006
UK

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.
2005 Reporting Season: Company analysis
Published by: ACI
May 2006
UK

The Revised Combined Code (the Code) was published by
the Financial Reporting Council in July 2003, and became
effective for listed companies with reporting years
beginning on or after 1 November 2003. The 2005 reporting
season was therefore the first year in which all listed
companies reported under the Code.
Shaping the UK Remuneration Committee Agenda
Published by: ACI
October 2005
UK

The Remuneration Committee Institute (RCI), sponsored by KPMG, provides technical and regulatory knowledge for remuneration committee members.
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