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So far auditcommittee has created 12 blog entries.

The Statutory Accountants are at their wit’s end when it comes to advisory services

Both the audit and consulting trades have lofty ambitions to capture the consulting market that continue to be on the rise. However, it often sends the big audit companies on a challenging and ethical tightrope whether to focus on auditing or delivering advisory or doing both within the framework of the new auditor and audit [...]

April 23rd, 2017|

In future, the buck stops with the audit committee

Audit committee members in general and external auditors, in particular, are the most important gatekeepers to provide attention to financial reporting and financial fraud processes. Each function has a responsibility to foster high-quality of reliable financial reporting and disclosures. Stakeholders are also dependent on and recognise that both groups exercise a significant amount of judgment [...]

April 23rd, 2017|

An efficient sanyaku-kai could have avoided the Toshiba’s accounting scandal?

The Japanese tea ceremony ritual is often familiar when a top corporate executive bows and admits to his company’s wrongdoings. However, the recent Japanese corporate scandals go much further. The Chairman and or the CEO resigns, fires a scapegoat or sometimes even commits harakiri. In the past few years, several large Japanese corporations – from [...]

April 23rd, 2017|

The Role and Responsibilities of the Audit Committee in a changing corporate landscape

Copenhagen Compliance together with Grant Thornton and Pinsent Masons has taken the initiative to create a UK chapter of The Audit Committee. The purpose is to provide guidance on the updated compliance requirements on audit quality, standards and reporting requirements. Based on the recent UK legislation, the audit committee members must review their role & [...]

April 23rd, 2017|

How to solve the new audit committee mandates and responsibilities

The audit committee is a cornerstone of the board of director's duties. Its mandate now extends well beyond the oversight of financial reporting and includes key areas that determine the organisation's performance, risk management, compliance, accountability, the integrity of quality data, cyber risk, and the effectiveness of internal control over operations. The long list of [...]

April 2nd, 2017|

The New Audit Committee Stewardship Framework (Part II of II)

The updated central role of the Audit Committee goes beyond enhancing the audit quality and building confidence in the integrity of financial disclosures. The new stewardship role of the audit committee will be critical in creating the right environment for corporate performance including the board's responsibility to create a platform of the business culture of [...]

April 2nd, 2017|

The New Audit Committee Stewardship Framework (Part I of II)

When things go wrong in a company, it is often due to lack of adherence, monitoring and independent assurance of right governance processes in the organisation. One of the primary reasons when management, the chairman or the audit committee member is forced to say; 'we were not aware' is often due to the undermining of [...]

April 2nd, 2017|

Audit Committee Network

Global companies are increasingly met by new regulations and mandates, that continually challenge the corporate governance, risk management, compliance and IT security (GRC) processes and therefore make greater demands to the audit committee. The Copenhagen Compliance® UK Ltd.'s UK Audit Committee Governance Network is a group of audit committee chairs, members, and stakeholders who are [...]

April 2nd, 2017|

Implications of audit regulation and directive to restore integrity and trust between companies, markets, and the audit committee

Audit committee members and external auditors, in particular, are the most important gatekeepers to provide attention to financial reporting and financial fraud processes. Each function has a responsibility to foster high-quality, reliable financial reporting. Stakeholders recognise that audit committee members and statutory auditors exercise a significant amount of judgment on a day-to-day basis, and are [...]

April 2nd, 2017|

Updating the Auditor Independence and Audit Committee issues

After significant changes in 2002 post-Enron scandal, the rules governing the external auditor and therefore the audit committee are now fast evolving. The EU regulations that come into force in June 2016 aims to improve selection, competition, price and choice by changing the external auditor. The professional services firms are heavily investing in new intelligent [...]

April 2nd, 2017|