The future development of auditing

Article Abstract:

A list of proposals to develop and improve auditing in the UK and the Republic of Ireland is detailed. The paper, developed by the Auditing Practices Board (APB), touched on several relevant issues such as the role of auditors and the scope of their responsibilities, their increasing independence, the effects of litigation, coordination of competition, cost and quality, and the need to adapt to changes. The principles of auditing are also discussed. These include postulations on integrity, independence, competence, rigor, accountability, judgment, communication and providing value. The proposals are part of the APB's effort to institute high standards in auditing, satisfy the demands of users of financial reports and create a favorable public opinion towards the auditing profession. Comments on the proposals are accepted by the board.

Planning, Auditing Practices Committee

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Blueprint for an effective audit committee

Article Abstract:

Audit committees can only be effective if they are granted the requisite authority to act independently by the corporate boards they report to. Since these audit committees are expected to safeguard the integrity of the financial reporting process, it is imperative that their duties and powers be stipulated clearly in writing at the start. Otherwise, confusion over their exact role may lead to an unfocused approach to the monitoring of day-to-day management procedures. Audit committees should ideally have between three and five members and should encompass a mix of skills and viewpoints that can enhance their independence and sense of judgment. Furthermore, audit committee members should preferably have a broad business background and sufficient knowledge of the workings of the financial reporting process and the issues affecting it.

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Of juggernaut drivers and hapless rabbits

Article Abstract:

The role of non-executive directors (NEDs) in corporate governance is increasingly being questioned. NEDs serve on boards only on a part-time basis, with no specific functions and purpose, and no executive power or authority with which to serve the company with any degree of effectiveness. NEDs themselves are confused regarding their true role and responsibilities, as revealed by a survey of 350 NEDs of 250 British corporations. Understanding why the present system chooses to limit the contributions of these talented corporate officials require an examination of the role and functions of the board as a whole.

Evaluation, Corporate directors, Corporate officers

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