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ICSA Audit Committee Guide

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ICSA Audit Committee Guide



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The ICSA Audit Committee Guide by Timothy Copnell
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In the light of the revised Combined Code and Smith Guidance, there is an increased emphasis on the role of the audit committee in corporate governance. Audit committees must now therefore seek to become more effective in discharging their significant responsibilities. The ICSA Audit Committee Guide identifies current and emerging issues which audit committees must get to grips with. Describing the audit committee practices that provide the support and structure necessary to fulfil their terms of reference, this guide will help audit committees to: * Set up and maintain an effective audit committee structure * Assess the company's processes relating to financial reporting risks * Oversee financial reporting * Evaluate internal and independent audit processes * Ensure transparency and effectiveness of controls Includes Free CD-ROM Documents containing sample wordings and evaluation questionnaires are included in the guide. For convenience these are included on the accompanying CD so that they can be tailored to individual requirements.

Table of Contents

Shaping the Audit Committee Agenda; 1 The role of the audit committee; Code principles; Code provisions; 2 Creating an effective audit committee; Membership; Audit committee composition; Independence; Financial expertise and other skills; Resources; Remuneration; Professional development; 3 Running an effective audit committee; Audit committee terms of reference; Audit committee meetings; Communication policies; Assessing audit committee effectiveness; 4 Overseeing financial reporting; Audit committee responsibilities; Communications from external auditors; Recent developments; Earnings management; 5 Overseeing financial risks and internal control processes; Whistleblowing; Emerging issues; Enterprise management; Emerging ERM model; Risk indicators; Fraud and illegal acts; Complex corporate structures; Emerging Companies; Specialised regulated industries; 6 Overseeing the Internal and External Audit Processes; Internal auditors' oversight; External auditors' oversight; Appointment, reappointment and removal; Independence; Disclosure; Understanding the audit cycle; Assessment of external auditor; Appendices

Author Biography

Timothy Copnell is the Director in Charge of KPMG's UK Audit Committee Institute. He qualified as a chartered accountant in 1989 and joined KPMG's Department of Professional Practice in 1993 where he took responsibility for corporate governance matters. He has written a series of practical guides to corporate governance developments for KPMG and also writes regular articles for various publications
Release date NZ
April 1st, 2005
Country of Publication
United Kingdom
3rd Revised edition
ICSA Publishing Ltd
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