Overview

Audit Committee Quarterly

Toolkit

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UK ACI Toolkit

The flagship publication of the UK ACI, this regularly updated handbook is a concise yet comprehensive guide which provides audit committee members with the essential knowledge which they require within their role. Along with samples of documents, it identifies current and emerging issues that audit committees must be aware of, and react to, and describes audit committee practices that provide the support and structure necessary in fulfilling their terms of reference.

The toolkit, which is continually being built upon, will need to be adapted to the circumstances of individual audit committees and companies.

Assessment of audit committees
The Combined Code requires the audit committee to review its own effectiveness annually.

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. 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)

This document provides a brief overview of ten suggested areas of focus for audit committees when considering their agendas for 2010.

• Download PDF (size 119K, download approx 20secs with 56K modem)

In this issue of the ACI Quarterly, we highlight the key themes arising from Sir David Walker’s independent review of corporate governance in UK banks and other financial industry entities (BOFIs), Jan-Michiel Hessels shares his experiences of working in the not for profit sector and we look at the ten principles of risk oversight recommended by the BRC (Blue Ribbon Commission) to help boards strengthen oversight of their company’s risk management system and activities.

• Download PDF (size 1302K, download approx 209secs with 56K modem)

1 December saw the FRC issue its proposed changes to what is now called ‘The UK Corporate Governance Code’ - this document gives an overview of the main proposals and the potential changes to provisions.

• Download PDF (size 187K, download approx 30secs with 56K modem)

Sir David Walker’s independent review of corporate governance in UK ‘BOFIs’ – this document seeks to address some of the key matters arising from this report.

• Download PDF (size 265K, download approx 43secs with 56K modem)

• Download PDF (size 1478K, download approx 237secs with 56K modem)

In this issue of the ACI Quarterly, Rodger Hill, Head of Finance Management at KPMG discusses the burning question of whether transforming your finance function could held to transform your business. We also discuss trends found in narrative reporting disclosures from the FTSE 100 and KPMG’s Forensic Team provide insights into a recent survey that indicates that many UK companies risk falling foul of anti-bribery and corruption rules

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Welcome to the sixth edition of Horizon: a briefing paper for audit committee members and finance directors.

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

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This issue of the ACI Quarterly is risk themed. Mary Pat McCarthy from KPMG in the US discusses the key oversight challenges facing audit committees today and Tim Copnell discusses lessons learnt from the financial crisis. Other articles include a discussion of the importance of risk culture and why it has come under the spotlight recently and Emma Bendon and Katherine Lee discuss companies’ relationships with investors

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The Audit Committee Institute’s (ACI’s) fourth International Survey of Audit Committee members gives an insight into how the recession has fundamentally changed the way audit committees are working.

• Download PDF (size 377K, download approx 61secs with 56K modem)

This issue of Quarterly starts with Focus on “Non-Financial” Reporting, which highlights the key areas of focus for the audit committee for the front end of the accounts, Martin Morrow of KPMG in Australia writes about the current debate over Executive pay: balancing investor and executive expectations and The Audit Committee Institute in Ireland interviews Dan O’Conner for his views on Audit Committee Challenges: A Perspective from Ireland.

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European Audit Committee Chairman’s forum – Paris 13 November 2008.

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Welcome to the sixth edition of Horizon: a briefing paper for audit committee members and finance directors.

• more

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

• more

The Annual General Meeting (AGM) provides a platform on which shareholders can engage in active dialogue with the board of directors. The questions in this publication aim to give broad guidelines as to possible areas of shareholders’ concerns.

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Ten things that audit committees should consider when deciding upon their 2009 agenda.Ten things that audit committees should consider when deciding upon their 2009 agenda.

• Download PDF (size 307K, download approx 50secs with 56K modem)

The ACI has assessed the corporate governance statements of all the companies within the FTSE 100, focusing on the following areas: • types of committees; • the “financial expert”; • internal control statements; and • board performance evaluation.

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Quoted companies with financial periods beginning on or after 1 October 2007 are now required to disclose additional information within their Business Reviews.

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Financial risks and uncertainty in the current economic environment

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Welcome to the fifth edition of Horizon: a briefing paper for audit committee members and finance directors.

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The Audit Committee Institute presents a research piece conducted by KPMG in the Netherlands and Erasmus University into Business Codes and their use within the Fortune Global 200 companies.

• Download PDF (size 1565K, download approx 251secs 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 Audit Committee Institute (ACI), sponsored by KPMG, provides technical and regulatory knowledge for audit committee members.

• more