Audit Committee performance evaluation: Self assessment checklist (For periods commencing on or after 1 October 2012 )
The audit committee has become, in recent years, one of the main pillars of the corporate governance system in British public companies.
With new responsibilities and increasing complexities, being a member of the audit committee has never been more challenging. To help respond to this, and to facilitate the evaluation process, we have developed a document which provides audit committee members with a comprehensive checklist of what the UK Corporate Governance Code requires of them.
The checklist differentiates between the requirements set out in the UK Corporate Governance Code and the FRC Guidance on audit committees and is applicable for periods commencing on or after 1 October 2012. While the Guidance on audit committees is not mandatory it is recognised as a best practice benchmark for audit committees and so it is worthwhile assessing performance against this as well as against the main body of the Code.
It is hoped that the completion of this checklist will help audit committees assess their own performance and identify areas for further attention.
