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Effective Audit Committees
“A very interesting and thoughtfully structured course” – PJSC Tatneft
“Excellent, Very Useful, Relevant” – Non Executive Director, Large African Bank
Audit Committees are expected to play a vital role in governance and in building trust in corporate reporting. Audit Committees therefore need members who have appropriate levels of expertise and knowledge of the industry and of the company.
This course will explore the fundamentals of the role of the Audit Committee and the nature and essential qualities of its members, particularly the Audit Committee Chairman. The course will cover the relationships with all key stakeholders and will examine all the key information flows and decision processes.
The course will be led by a governance and audit expert who has been involved with attending and presenting at Audit Committees for over 25 years. The course will equip participants with an understanding of the appropriate levels of knowledge and expertise and an awareness of the mechanisms and priorities for audit committees in today’s complex and highly regulated financial services world.
By attending this strategic four day course you will be able to:
- Understand the role and responsibilities of the Audit Committee and its relationship with the Board and the Board Risk Committee
- Consider what prudent and effective controls sit around the Audit Committee meeting process
- Understand the critical relationships with key stakeholders such as external audit, internal audit, the finance team and the company secretariat
- Understand the relationships with the various regulators and the complexities of group structures and overseas jurisdictions
- Recognise common areas that can cause problems
- Take away key actions and ideas to improve on Audit Committee performance
This course will broaden the awareness of members of and advisers to Audit Committees and provide appropriate levels of oversight of financial reporting, audit quality, and other risks on the committee’s agenda.
It provides an opportunity for participants to update their knowledge and to explore the available mechanisms to deliver the effective Audit Committee support necessary in order to fulfil their roles.
This advanced four day course is a vital overview to the Audit Committee support practices and mechanisms that exist in listed companies, banks and other financial institutions. Practical guidance will be provided on such issues as:
- Being an Audit Committee member
- Best practice guidance on policies and procedures
- Governance, risk and compliance frameworks
- The relationship with the Board Risk Committee
- The relationship with External Audit, Internal Audit and Finance
- How to challenge Executive Directors, external Auditors and Chief Internal Auditors on their reports
- Dealing with regulators and other stakeholders
- Managing information flows
- Measuring the effectiveness of your Audit Committee
- Practical presentations and lectures
- Group discussions
- Multiple case studies
- Audit Committee role plays
Day 1The Role and Responsibilities of Audit Committee Members
What does an Audit Committee Do?
- The role of the Audit Committee as delegated by the board, typical structure, membership, terms of reference and agenda items
- The role of advisors and the role of the Company Secretary
- The provision of information to the Audit Committee
What are the Audit Committee Essentials?
- Oversight of financial reporting, audit quality, and other risks on the committee’s agenda
- Understanding the company, its culture and its dynamics
- Demonstrating sound industry knowledge and access to contacts
- Appropriate relationships with other board members, senior management, internal and external auditors
- Understanding current and emerging issues (e.g. cyber security, emerging technologies and social media)
- Understanding the full range of management information provided to the Audit Committee
Overview of the Relationships with Key Stakeholders
The Finance Team
- How to provide effective oversight and challenge to the annual report and accounts
- Dealing with the requirement for the annual report to be 'fair, balanced and understandable'
- Assessing the new strategic report
- Understanding the Committee’s role in reviewing regulatory returns
- Roles and responsibilities for external auditors in relation to audit committees
- Assessing external auditor effectiveness
- Governance requirements and the latest guidance from the Financial Reporting Council (FRC)
- Retendering the external audit role and evaluating external audit pitches
- Roles and responsibilities for internal auditors in relation to audit committees
- Governance requirements and the UK Financial Services guidance (the “FS Code”)
- Understand the guidance from the Basel Committee on Banking Supervision for assessing the effectiveness of the internal audit function in banks
- Understanding the internal audit universe and the annual risk-based internal audit planning process
- Internal Audit reports, gradings and links to the Board Risk Committee
- Evaluating internal audit effectiveness
Day 3Audit Committee Activities
Membership and Attendance
- Guidance for nomination committees
- Independence and how this is defined
- Who should attend and why
- Private meetings
- Importance of papers, minutes, actions and follow-up
- Practical strategies to build your network
- Annual report and accounts
- Strategic report and the relationship with the CRO and the board risk committee
- Results announcements
- AGM involvement
Guidance on what must be Included in the Audit Committee Report
- A summary of its role
- Members, their qualifications and meetings held
- Significant issues considered in relation to the financial statements
- How they assessed the external auditors’ appointment
- Tenure of the current auditors and time of last tender
- Contractual restrictions on auditor choice
- External audit fees and non-audit services
- Members of committees in financial services companies should have sufficient relevant expertise to understand how complex transactions and financial instruments are recorded and valued
- Relationship with Compliance
- Damage limitation
Guest speaker presentation: Assessing Audit Committee Effectiveness – Lessons from the Front Line
Session presented by: Hanif Barma, Partner, Independent Audit Limited
Audit Committee Effectiveness
- The Role of the Audit Committee Chair
- A balance between teamwork and challenge
- Working with company secretariat
- Setting the agenda and planning the work of the committee
- Time allocation
- Private meetings
- Informal meetings outside committee
- Relationships with the members of the executive management team
- Length of service
- Succession planning
Annual Reviews of External and Internal Audit Effectiveness
- Who performs them?
- Guidance for self-assessment
- Typical areas of concern
- Guidance re self-assessment
- When should there be an independent review
- Typical areas of concern
Course summary and close
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographyThe course instructor is a respected Head of Internal Audit with over thirty years’ experience in internal audit and risk management, gained from executive assurance and consulting roles with a range of major organisations. David has worked as Head of Internal Audit for several large financial services firms, including HSBC, Kleinwort Benson, Coutts, Benfield and Catlin. He has also led a series of co-sourcing and quality assessment assignments during his time at PwC, and held a Senior Management position at Deloitte earlier on in his career.David has experience having led large and small audit teams; from over 100 staff based in multiple locations around the world, to creating audit and risk teams from scratch. He has most recently undertaken a series of interim Head of Internal Audit roles; hitting the ground running in situations that needed immediate care and attention.David currently works as a consultant and trainer on various aspects of assurance. This includes external quality assessments of internal audit functions and advice on governance and regulatory issues, particularly in financial services. He is an experienced trainer and presenter on many topical aspects of internal audit, such as integrated assurance, regulation and the relationships with the Audit Committee and the Board. David is a Chartered Accountant and has worked closely with all the major and mid-tier consulting firms, as well as the Chartered Institute of Internal Auditors, and holds regular dialogue with regulators such as the PRA, the FCA and Lloyd’s of London.