How are audit committees keeping pace with disruptive risk and digital transformation?
Read our UK summary of the latest Audit Committee Pulse survey
Trending now
- On the 2025 audit committee agenda
- Audit Committee Institute
- COVID- 19
- 2018 UK Corporate Governance Code
- Corporate Governance
- Audit Committee Institute
- Audit Committee Institute
Audit committees can expect their company’s financial reporting, compliance, risk, and internal control environment to be put to the test in 2025 by an array of challenges that have grown and intensified over the past year. We highlight nine issues to keep in mind that audit committees should consider in 2025.
FRC principles for operational seperation of audit practices
Auditor transition: Pulse survey of audit committee chairs
Private sessions: Questions for audit committees
2024 Corporate Governance Code
Audit and assurance policies
2024 Guidance on Corporate Governance Code
Audit committee Standard: External audit
COVID-19 - Challenges to auditing
COVID-19 Corporate reporting implications
COVID-19 Corporate governance and reporting
COVID-19 - Guidance on the reporting timetable for listed companies
The 2018 UK Corporate Governance Code focuses on long term success, sustainability and ensuring the attractiveness of the UK capital market.
The UK Corporate Governance Code
Leveraging internal audit to help monitor and access culture
Stakeholder engagement
The 2018 UK Corporate Governance Code states that boards should create a method of gathering views of the workforce, we examine how workforce directors can add value.
Review of corporate governance reporting
Views of the workforce and designated NEDs
Workforce advisory panels
Revision to the going concern UK auditing standard
Encouraging the reporting of misconduct
Fraud and whistle blowing: Questions for audit committees’
Guidance for audit committee chairs
The importance of the audit committee chair’s leadership in setting the committee’s tone, work style, and agenda is vital to the committee’s effectiveness.
Effective conversations: Questions for audit committees
Read & Watch
Surveys
- Audit committee chairs’ survey
- Global audit committee survey
- Survey: Summary
- Audit Tenders: Chairs
- Audit Tenders
2023 FTSE350 audit committee chairs’ survey
Insights into how FTSE350 audit committee chairs are preparing for the forthcoming governance and audit reforms – including thinking about their future assurance needs
2023 Global audit committee survey
A global survey providing insights to help audit committees sharpen their focus, benchmark responsibilities and strengthen oversight
2023 Global audit committee survey: Summary
A global survey providing insights to help audit committees sharpen their focus, benchmark responsibilities and strengthen oversight
Audit Tenders: CFO and audit committee chairs
FTSE350 CFOs and audit committee chairs share their views on the key decision making criteria used, attitudes to reappointing the incumbent and additional areas of assurance being sought
Audit Tenders
Audit committee members share their views on the key decision making criteria used, attitudes to reappointing the incumbent and additional areas of assurance being sought
- Audit quality
- 2019 Global Audit Committee Pulse Survey
- Auditor transition
- The risks and benefits of changing auditors
Audit quality
UK audit committee members share their views of auditor scepticism, challenge of management and audit quality in our 2020 survey
2019 Global Audit Committee Pulse Survey
A global survey providing insights to help audit committees sharpen their focus, benchmark responsibilities and strengthen oversight
Auditor transition
UK audit committee members look at auditor transition, handover, business impact, the degree to which tender ‘promises’ had been delivered and the challenges of transition
The risks and benefits of changing auditors
Regular audit tendering and rotation is now business as usual. This survey explores the perceived risks and benefits of changing the external auditor.
Audit Committee Questions
- Reviewing financial statements
- Accounting policies
- Narrative reporting
- Oversight of risk
- Assessing internal control systems
Reviewing and assessing financial statements
Questions audit committees might ask when reviewing and assessing financial statements
Accounting policies judgements and estimates
Questions audit committees might ask when considering accounting policies, judgments and estimates
Narrative reporting and non-GAAP measures
Questions audit committees might ask when considering narrative reporting and non-GAAP measures
Oversight of risk
Questions audit committees might ask when exercising oversight of risk
Assessing internal control systems
Questions audit committees might ask when exercising oversight of internal control systems
- Fraud and whistle-blowing
- External audit scope
- Assessing external audit effectiveness
- Private sessions with the external auditor
- Internal audit scope
- Assessing internal audit effectiveness
- Private sessions with the internal auditor
- Self-evaluation
- Chairing the audit committee
- Getting the right information
- Effective audit committee conversations
- Audit Committee induction and onboarding
Fraud and whistle-blowing
Questions audit committees might ask when considering fraud risk and whistle-blowing processes
External audit scope
Questions audit committees might ask when considering the scope of the external audit
Assessing external audit effectiveness
Questions audit committees might ask when assessing external audit effectiveness
Private sessions with the external auditor
Questions audit committees might ask when planning and executing their private sessions with the external auditor
Internal audit scope
Questions audit committees might ask when considering the scope of the internal audit
Assessing internal audit effectiveness
Questions audit committees might ask when assessing internal audit effectiveness
Private sessions with the internal auditor
Questions audit committees might ask when planning and executing their private sessions with the head of internal audit
Self-evaluation
Questions audit committees might ask when considering the effectiveness of the committee's performance
Chairing the audit committee
A look at the characteristics of good audit committee chair
Getting the right information
Questions audit committees might ask when considering the propriety of information flows and whether they have access to the right information
Effective audit committee conversations
Questions audit committees might ask when considering the effectiveness of their audit committee conversations
Audit Committee induction and onboarding
Questions to ask when considering the induction and onboarding of new audit committee members
Tools and best practice
Resources that can be used by audit committees in preparing their own policies, procedures and disclosures
- Resource 1
- Resource 2
- Resource 3
- Resource 4
- Resource 5
Ensuring the quality of your external audit.
Creating, maintaining and leveraging an effective audit committe
Terms of Reference for the audit committee (by kind permission of ICSA: The Governance Institute)
A short guide to getting real value from the audit tender process.
A specimen audit committe statutory report on the audit tender process.
A specimen non- audit services policy for a Public Interest Entity
Pro-forma of an audit committe meeting planner to help board members plan and tailor what gets addressed at each meeting
Questions intended to stimulate thought around the type of issues that could be raised with auditor in a private meeting
Access full handbook
Who to contact
Krishna Grenville-Goble
Director, Inclusion, Diversity and Equity – Board Leadership Centre
KPMG in the UK