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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.

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

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Ten things that audit committee’s should consider when deciding upon their 2008 agenda.

• Download PDF (size 310K, download approx 50secs with 56K modem)

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

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.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

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

• more

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.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

The Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more

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.

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

• more