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Resources

In this section of the site you have access to a number of external articles and reports which we believe you will find of interest. Use the side bar menu to find items in each particular area. Click on the link and the item will open in a new window.

 

If you have any items you think should be added to this area, please e-mail Cerys Llewellyn at This email address is being protected from spambots. You need JavaScript enabled to view it.

This report seeks to provide you with PwC’s view on the market issues impacting the insurance and asset and wealth management sectors in 2019, collated through their experiences and the insights of our subject matter experts.

There are two questions that an internal audit function typically asks: Audit of AI - looking at all the uses of AI in the organisation, or Audit with AI - using AI to improve internal risk processes. But the question for every business and every industry is: Are you ready for AI? Find out why AI must be included within audits by reading this paper.

This report from Deloitte examines the calls from the Investment Association for annual reports to provide greater clarity on the long-term drivers of value creation and productivity – productivity now receiving greater focus as the UK prepares to leave the EU. Deloitte also examine the challenge of risk management in times of such uncertainty with a specific focus on addressing the imminent stricter requirements on data protection and cyber security, and the impact of Brexit.

In this article from the May issue of Governance Alan McDonnell shares some practical experiences of developing and using a Board Assurance Framework (BAF) from a small Forum of audit and risk committee Chairs in Ireland. 

 

This Heidrick & Struggles CEO & Board Practice article examines the challenges and responsibilities faced by both the audit committee and its chair. 

A brief EY Center for Board Matters insight into the audit committee’s role in reporting on alternative performance measures as the centre of much debate in Europe.

From EY, this report on the role and complexity of financial disclosures asks if companies and boards have not only recognised the need for an effective disclosure process in setting clear performance and strategic objectives, but more importantly, implemented one.

This EY report from the Financial Accounting Advisory Services examines the research conducted through a survey of 1,000 CFOs or heads of reporting of large organisations to understand the challenges they face in corporate reporting. Respondents covered the Americas, Asia-Pacific, Europe and the Middle East among others. 

This ‘Audit Insights’ report from the ICAEW Audit and Assurance Faculty examines the approaches companies and their boards should take to ensure their systems are secure so that they can better manage the impact of breaches. The report assesses the steps companies are taking to prevent cyber-attacks, it makes recommendations for preventing future cyber breaches and it highlights areas where positive change can exist.

In this report , EY determine the risks that boards face, and the challenges posed when overseeing risk management in an organisation.  The report highlights how IA plays a key role in the three lines model, where IA can make sure the board is not only informed about governance policies and procedures but is also kept up to date on the organisation’s risk profile. This then allows for the board to create a risk-aware organisation . 

This report from EY looks at how audit committees can fulfil their obligations under the 2002 Sarbanes-Oxley Act. It gives recommendations on communication and the receipt of hotline claims, the analysis and investigation of claims, and the reporting and resolution of claims, and provides a number of questions and considerations for the board and management regarding these issues. 

 

The European Parliament has now voted to approve a regulation and a directive intended to reform the audit market in the EU. Paving the way for the legislation to enter into force in the EU in the second half of 2014. There is a two year transition period which means that the legislation will become applicable in the 28 member states of the EU in 2016.

The Enron scandal in 2001 combined with similar scandals at Worldcom and Global Crossing and the subsequent collapse of Arthur Andersen, one of the ‘Big 5’ firms of auditors at the time, has led regulators around in the world to tighten rules around the appointment of external auditors and how audits should be performed.

This white paper explores the history of UK Corporate Governance and how current and future compliance codes will affect audit procedures.

In September 2012, the Financial Reporting Council ("FRC") published revisions to the UK Corporate Governance Code (“the Code”) and revised Guidance on Audit Committees (“the Guidance”). The Guidance is designed to assist company boards in making suitable arrangements for their audit committees, and to assist directors serving on audit committees in carrying out their role. While boards are not required to follow this guidance, it is intended to assist them when implementing the relevant provisions of the Code.

This technical note looks at the key issues that the FRC will shortly discuss with audit committee chairs, finance directors, audit partners and investors.

The audit committee has become, in recent years, one of the main pillars of the corporate governance system in British public companies. With new responsibilities and increasing complexities, being a member of the audit committee has never been more challenging. To help respond to this, and to facilitate the evaluation process, Deloitte have developed a document which provides audit committee members with a comprehensive checklist of what the UK Corporate Governance Code requires of them.

 

 

This checklist may be used by the Audit Committee as a self review tool, by the Board as part of its review of the effectiveness of the Audit Committee, or by audit teams.  Teams may wish to use this checklist as part of a wider discussion with the Board covering the various FRC papers on governance.

This guidance is designed to assist company boards in making suitable arrangements for their audit committees, and to assist directors serving

on audit committees in carrying out their role. This guidance includes certain essential requirements that every audit committee should meet.

This publication explains the principles underlying the audit committee’s role and aims to help steer organisations through the requirements set out in the Statutory Audit Directive 2006/43/EC, published by the European Commission in 2006. It provides non-prescriptive guidance to help audit committees (and those who support them) gain a better understanding of the processes and practices that help create effective audit committees and helps them to identify and achieve their objectives and add value to the board of directors, the organisation and its stakeholders.

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