Assessing the performance of the audit committee - a checklist - May 2011 - Ernst & Young - United Kingdom

We have updated our checklist “Assessing the Performance of Audit Committees” in response to the revised Guidance on Audit Committees.  Although not significantly different, the 2010 Guidance provides further clarification on auditor independence considerations and what should be disclosed in the Annual Report in relation to the Company’s policy on non-audit services.  It should therefore also be considered in conjunction with the revised Ethical Standards.

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.

Download the checklist 10Mb May 2011