- Understand what the terms of reference must
contain to be up to date and reflect current thinking.
- Recognise what key competencies members
- Know how the audit committee should interface
with compliance, risk management, internal audit and external auditors
- Know what “effective” means in this context
and what information will be essential to be effective.
- Understand the importance of the minutes and
what must be recorded to reflect the value that the audit committee adds.
- Consider what challenges you may receive from
a regulatory review and how to address these beforehand.
- Discuss current issues, including recent
guidance on the role and duties of internal audit and of the audit committee
from the frc, the iia and others
Consultant – Eithne McManus
As an expert in risk management and insurance,
Eithne consults with firms on finance, actuarial and audit matters. She leads
many workshops and training events to keep Directors and senior managers up to
date on these topics. Her business
experience allows her to understand the practical issues that firms face and to
demonstrate ways to improve on the status quo.
has been a consultant for over 7 years providing consultancy services to
financial services companies in the areas of enterprise risk management,
capital assessment and outsourcing. She
is also a non-executive director of a small mutual insurer where she chairs the
qualified actuary, Eithne spent much of her career with City of Westminster
Assurance, where she was Chief Financial Officer before becoming Chief
Executive. After the sale of CWA to Chesnara, Eithne assumed responsibility for
risk management within the Chesnara group as a whole.
The PRA and FCA are examining the structure, powers and
rigour of Audit Committees and are asking more questions about matters such as
the independence of this key group and the degree to which they challenge the
information they receive.
“The upswing of government
intervention and the general call from investors for transparency and corporate
accountability demands a response from boards, management and auditors. Against
this backdrop, the role and function of the audit committee has come under the
FRC - 'Walk the line' discussion paper
This 3 hour briefing brings together the key elements
that any Audit Committee should ensure they address to evidence their
effectiveness, from the Terms of Reference they adopt, to the thoroughness with which they examine
the audit reports produced.
Who should attend?
This is an essential event for those who
are members of the Audit Committee or responsible for reporting to this
1. Responsibilities of the Audit Committee
- The expectations of the Audit Committee
- Scope and key elements of your Terms of Reference
The constituency of the Audit Committee and
Matters that may impact the independence of the
Committee and Internal Audit
What regulators now expect and what they focus upon
including the latest guidance from the FRC
2. The Oversight role
- What the oversight role involves
- Adequacy of internal financial controls
- Accuracy and integrity of financial statements
- Sources of assurance
3. Internal and External
evolving role of Internal Audit in Financial services
committee's role in supporting & challenging this
The role, value and limitations of External
the quality of External Audit
4. Risk and Audit – the relative responsibilities
- SYSC 21 guidance on Risk committees
- The combined responsibilities
- Separate Risk and Audit committees where a separate risk committee is in place Moving from compliance to effectiveness
5. Moving from compliance to effectiveness
- To be
effective what is the essential information needed from different areas?
Recognising what and when to challenge and how to
ensure the issue is resolved
to the Board, what should be reported and recorded.
How to respond to the question “ What makes
the Audit Committee effective?”