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Governance in focus: Effectiveness of the external audit process

Published on: 16 Sep 2013

Governance in focus: Effectiveness of the external audit process sets out a framework to assist audit committees in meeting the new annual requirement effective from September 2013 year ends to assess the effectiveness of the external audit process and to explain how they have done so in their annual report.  The framework sets out a comprehensive series of best practice statements.  It goes beyond existing published checklists, embraces all the latest reporting requirements and will provide audit committees with a comprehensive tool with which to fulfil this latest requirement.  In a nutshell it sets out how to “open the audit black box” for audit committee members and provides a useful guide to form a view in all important areas.  

It has been several months in development and we are most grateful to representatives from the Financial Reporting Council and from a number of investors and investor representatives for meeting with us and commenting on a draft of the framework: the Association of British Insurers, Blackrock, Hermes Equity Ownership Services, the Investment Management Association; Legal and General Investment Management; National Association of Pension Funds; Standard Life Investments and Threadneedle Investments.

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