Audit Committee Handbook
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 they require within their role. Applicable to organisations in either public or the private sectors, this Handbook articulates the principles underlying the audit committee's role and provides non-prescriptive guidance to help audit committees gain a better understanding of the processes and practices that help create effective audit committees.
The UK regulatory landscape is explored in Chapter 1 while the composition of the audit committee and the procedures and practices that provide the support and structure necessary to discharge an audit committee's duties, are discussed in Chapter 2.
Chapter's 3 to 8 focus on the duties of the audit committee: monitoring the corporate reporting process; monitoring the effectiveness of internal control and risk management systems; monitoring the effectiveness of internal and external audit; and communication with shareholders.
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The Audit Committee Handbook also contains a number of appendices that are intended to provide practical support to audit committees. Some of these appendices have been made available as separate documents:
Audit committee meeting agenda
This document provides a pro-forma of an audit committee meeting planner that can be used to plan what gets addressed at each audit committee meeting.
Private session with the auditor
This document provides a non-exhaustive list of questions that are intended to stimulate thought as to the types of issues that could be raised with the auditor in a private session.
Audit committee self assessment
This document provides a suggested framework for an audit committee's review of its effectiveness and the adequacy of its terms of reference and work plans.
Specimen year-end timetable
This document provides an example of a year-end reporting timetable that would be typical for a FTSE 250 company with a December year-end.
Evaluation of the internal audit function
This document provides a framework to assist audit committees when reviewing their effectiveness of the internal audit function.
Evaluation of the external auditor
This document provides a framework for an audit committee to carry out a formal review of the effectiveness and efficiency of the external auditor.
Example policy on employment of former employees of the external auditor
This document provides an example policy on employment of former employees of the external auditor.
Example whistle blowing policy
This document provides an example whistle blowing policy.