UK
References & fundamentals UK
Audit Committee Institute - Ten To-Do's
When considering their 2010 agendas, audit committees should take into account ten to-do's.
Date: 01/01/2010 | Size: 648,65kB
Audit Committee Institute - UK Corporate Governance Code
The financial crisis has necessitated a close look at the way in which UK companies are governed.
Date: 12/01/2009 | Size: 168,17kB
Issued in 1999 on the initiative of the auditing sector, the Turnbull Report contains guidelines for the practical application of the Combined Code. It stipulates that the company's internal monitoring system and its risk-management system must be approved by the Board of Directors and described in the annual report. The effectiveness of both systems must be verified on an ongoing basis. The internal audit function must be described.
Date: 10/01/2005 | Size: 120,19kB
Audit Committee Institute - Combined Code (revised July 2003)
The revised Combined Code, issued by the Financial Reporting Council on 23 July, is derived from Derek Higgs' review into the role and effectiveness of non-executive directors and Sir Robert Smith's guidance for audit committees.
Date: 07/01/2003 | Size: 180,65kB
The London Stock Exchange's Combined Code contains guidelines and standards for good corporate monitoring (the Principles of Good Governance and the Code of Best Practice). Since 2000 these have constituted the minimum requirements for a London listing.
The Combined Code brings together recommendations from the Cadbury Report (1992), the Greenbury Report (1995) and the Hampel Report (1998).
The Code includes guidelines on:
- external directors
- committees of the Board of Directors
- annual reports on internal monitoring
- the audit committee of the Board of Directors
- separating the function of the Chairman of the Board from those of the CEO
Listed companies must confirm in their annual report that they have complied with the Combined Code. Details of directors' emoluments must be given in the (consolidated) annual accounts. Every listed company is required to have an audit committee.
Date: 07/01/2003 | Size: 321,87kB
Audit Committee Institute - Evaluation of internal auditors
The current spate of restated financial statements, missed earnings projections, and high profile corporate failures has sent a brisk current of change sweeping through UK boardrooms aimed at strengthening the independence and effectiveness of audit committees.
Date: 06/01/2003 | Size: 122,74kB
Audit Committee Institute - Report on the audit committee's activities
As part of the UK response to the issues raised by recent major corporate failures in the US, the Financial Reporting Council (FRC) was asked to set up a small group to develop the existing guidance for audit committees contained in the Combined Code.
Date: 05/01/2003 | Size: 117,54kB
Audit Committee Institute - Financial reporting deadlines
The FRC appointed group chaired by Sir Robert Smith recently published Audit Committees Combined Code Guidance - A report and proposed guidance (Smith Report). As a result, audit committees are now focusing more on their roles and responsibilities, including the effectiveness and efficiency of their audit committee meetings.
Date: 05/01/2003 | Size: 103,16kB
Audit Committee Institute - Evaluation of external auditors
The current spate of restated financial statements, missed earnings projections, and high profile corporate failures has sent a brisk current of change sweeping through UK board rooms aimed at strengthening the independence and effectiveness of audit committees.
Date: 05/01/2003 | Size: 115,16kB
Audit Committee Institute - Assessment of audit committees
As part of the UK response to the issues raised by recent major corporate failures in the US, the Financial Reporting Council (FRC) was asked to set up a small group to develop the exisiting guidance for audit committees contained in the Combined Code.
Date: 05/01/2003 | Size: 134,87kB