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    Audit Committee Institute - blue door

    Audit Committee Institute

    The Audit Committee Institute (ACI) provides guidance and resources to audit committees, helping to facilitate the skills and knowledge required.


    How are audit committees keeping pace with disruptive risk and digital transformation?
     
    Read our UK summary of the latest Audit Committee Pulse survey

    Trending now

    Audit committees can expect their company’s financial reporting, compliance, risk, and internal control environment to be put to the test in 2025 by an array of challenges that have grown and intensified over the past year. We highlight nine issues to keep in mind that audit committees should consider in 2025. 
     FRC principles for operational seperation of audit practices
    Auditor transition: Pulse survey of audit committee chairs 
    Private sessions: Questions for audit committees
    2024 Corporate Governance Code
    Audit and assurance policies
    2024 Guidance on Corporate Governance Code
    Audit committee Standard: External audit
    COVID-19 - Challenges to auditing
    COVID-19 Corporate reporting implications
    COVID-19 Corporate governance and reporting
    COVID-19 - Guidance on the reporting timetable for listed companies
    The 2018 UK Corporate Governance Code focuses on long term success, sustainability and ensuring the attractiveness of the UK capital market. 
    The UK Corporate Governance Code
    Leveraging internal audit to help monitor and access culture 
    Stakeholder engagement
    The 2018 UK Corporate Governance Code states that boards should create a method of gathering views of the workforce, we examine how workforce directors can add value. 
    Review of corporate governance reporting
    Views of the workforce and designated NEDs 
    Workforce advisory panels
    Revision to the going concern UK auditing standard
    Encouraging the reporting of misconduct
    Fraud and whistle blowing: Questions for audit committees’
    Guidance for audit committee chairs 
    The importance of the audit committee chair’s leadership in setting the committee’s tone, work style,  and agenda is vital to the committee’s effectiveness.
     Effective conversations: Questions for audit committees


    150 Audit committee best practices

    Guide to IFRS for audit committees


    Surveys

    2023 FTSE350 audit committee chairs’ survey


    Insights into how FTSE350 audit committee chairs are preparing for the forthcoming governance and audit reforms – including thinking about their future assurance needs

    2023 Global audit committee survey


    A global survey providing insights to help audit committees sharpen their focus, benchmark responsibilities and strengthen oversight

    2023 Global audit committee survey: Summary


    A global survey providing insights to help audit committees sharpen their focus, benchmark responsibilities and strengthen oversight

    Audit Tenders: CFO and audit committee chairs


    FTSE350 CFOs and audit committee chairs share their views on the key decision making criteria used, attitudes to reappointing the incumbent and additional areas of assurance being sought

    Audit Tenders


    Audit committee members share their views on the key decision making criteria used, attitudes to reappointing the incumbent and additional areas of assurance being sought

    Audit quality


    UK audit committee members share their views of auditor scepticism, challenge of management and audit quality in our 2020 survey

    2019 Global Audit Committee Pulse Survey


    A global survey providing insights to help audit committees sharpen their focus, benchmark responsibilities and strengthen oversight

    Auditor transition


    UK audit committee members look at auditor transition, handover, business impact, the degree to which tender ‘promises’ had been delivered and the challenges of transition

    The risks and benefits of changing auditors


    Regular audit tendering and rotation is now business as usual. This survey explores the perceived risks and benefits of changing the external auditor.


    Audit Committee Questions

    Reviewing and assessing financial statements


    Questions audit committees might ask when reviewing and assessing financial statements

    Accounting policies judgements and estimates


    Questions audit committees might ask when considering accounting policies, judgments and estimates

    Narrative reporting and non-GAAP measures


    Questions audit committees might ask when considering narrative reporting and non-GAAP measures

    Oversight of risk


    Questions audit committees might ask when exercising oversight of risk

    Assessing internal control systems


    Questions audit committees might ask when exercising oversight of internal control systems

    Fraud and whistle-blowing


    Questions audit committees might ask when considering fraud risk and whistle-blowing processes

    External audit scope


    Questions audit committees might ask when considering the scope of the external audit

    Assessing external audit effectiveness


    Questions audit committees might ask when assessing external audit effectiveness

    Private sessions with the external auditor


    Questions audit committees might ask when planning and executing their private sessions with the external auditor

    Internal audit scope

    Questions audit committees might ask when considering the scope of the internal audit

    Assessing internal audit effectiveness

    Questions audit committees might ask when assessing internal audit effectiveness

    Private sessions with the internal auditor

    Questions audit committees might ask when planning and executing their private sessions with the head of internal audit

    Self-evaluation

    Questions audit committees might ask when considering the effectiveness of the committee's performance

    Chairing the audit committee

    A look at the characteristics of good audit committee chair

    Getting the right information

    Questions audit committees might ask when considering the propriety of information flows and whether they have access to the right information

    Effective audit committee conversations

    Questions audit committees might ask when considering the effectiveness of their audit committee conversations

    Audit Committee induction and onboarding

    Questions to ask when considering the induction and onboarding of new audit committee members




    Tools and best practice

    Resources that can be used by audit committees in preparing their own policies, procedures and disclosures

    Ensuring the quality of your external audit.
    Creating, maintaining and leveraging an effective audit committe

    Terms of Reference for the audit committee (by kind permission of ICSA: The Governance Institute)
    A short guide to getting real value from the audit tender process.

    A specimen audit committe statutory report on the audit tender process.
    A specimen non- audit services policy for a Public Interest Entity

    Pro-forma of an audit committe meeting planner to help board members plan and tailor what gets addressed at each meeting
    Questions intended to stimulate thought around the type of issues that could be raised with auditor in a private meeting

    Access full handbook


    Who to contact


    Timothy Copnell

    Associate Partner

    KPMG in the UK

    Krishna Grenville-Goble

    Director, Inclusion, Diversity and Equity – Board Leadership Centre

    KPMG in the UK