Report highlights good examples of audit committee reporting

The Financial Reporting Council has published a report highlighting real-life, good practice examples of audit committee reporting. It also includes questions to assist audit committee and investors.

The topics covered include:

• the role of the audit committee, engagement with investors and writing the report;
• the appointment and tendering of the external auditor;
• effectiveness of the external auditor;
• reporting on significant issues;
• internal control and risk management; and
• internal audit

The report marks the completion of Phase 1 of a project by the Audit and Assurance Lab on audit committee reporting. The Lab seeks to promote best practice on audit-related issues in a safe environment, by engaging with stakeholders including audit committees, companies, investors and auditors in a safe and collaborative environment. Phase 2 will be reported on in the first half of 2018.