Corporate Governance & Effective Audit Committees

Recent developments in corporate governance can provide real
problems for audit committees and improvements by the regulators
means this is an area that requires up to date knowledge. There is a
valid understanding that the board must be informed and in control of
the organisation. Financial statements are the directors’ statements – at
a time when accounting standards are more legislative and complex,
the pressures on management to turn in results and keep abreast of
recent developments in this area are greater than ever. Maintaining the
requirement for independence and objectivity of the auditor is also no
longer a formality. Organisation boards have overall responsibility not
just for the internal financial control but have operational and
compliance control as well as full consideration of risk management
requirements.
The FRC’s Smith Report Audit Committees – Combined Code Guidance
and the FRC’s revised Combined Code bring about a significant
tightening up of audit committee requirements and responsibilities

Programme
• The revised Combined Code – What should I know
~ Implementing the Smith recommendations now incorporated into
this new Code
• Audit committees and their responsibilities
~ Carrying out the audit committee’s responsibilities for financial
reporting, risk management and internal control, whistle blowing,
and internal audit matters
• What can we delegate and how do we go about it~ Management,
and other board committees and the board itself can shift
responsibility
~ The work of the audit committee
• Audit committee meetings.
~ Using committee time well
~ Progressing the agenda
• ~ Committee meetings the need to meet, how often and for how long?
• Ensuring the audit committee is understood and carries gravitas
~ Following-up audit committee decisions and reporting to the board
• New developments and what we should prepare for in the future

WHO SHOULD ATTEND
Directors and others involved with audit / scrutiny committees including
chairmen and members, chief executives, audit committee secretaries
and those in attendance at audit committee meetings, and internal and
external auditors.
It would be particularly beneficial to operational line management to
see corporate governance in action.

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