1 minute read 1 Aug 2015
Informal business meeting

How the audit committee can assess its performance and effectiveness

By

Mala Shah-Coulon

EY UK Corporate Governance, Associate Partner

Passionate about governance – a vital ingredient to running a successful enterprise and not a compliance imperative. Mum of twins and trustee at Bliss.

1 minute read 1 Aug 2015

Assessing the performance and effectiveness of the audit committee: A practical guide and toolkit can be used by audit committees to assess their performance and effectiveness.

This edition takes into account the latest UK regulatory updates – primarily arising from the EU Audit Reforms – to the UK Corporate Governance Code, the FCA’s Disclosure and Transparency Rules and the FRC’s Guidance on Audit Committees.

Key features of our guide include:
  • Clear demarcation of minimum requirements versus qualitative and best practice factors
  • Ability to write notes, annotate comments, highlight and strikethrough text, which allows the guide to be tailored to reflect a company’s individual circumstances
  • Optional ranking scale, which can help audit committees prioritise actions and track their performance year on year

Download the guide

Summary

Assessing AC effectiveness is not a new requirement, but the 2016 version of the FRC’s Guidance on Audit Committees (‘the Guidance’) recommends that ACs explain in the annual report and accounts how their evaluation has been conducted. We hope this guide will help them discharge this recommendation.

About this article

By

Mala Shah-Coulon

EY UK Corporate Governance, Associate Partner

Passionate about governance – a vital ingredient to running a successful enterprise and not a compliance imperative. Mum of twins and trustee at Bliss.