FRC calls for review as to whether the value of audit can be enhanced ^new
Chief Executive of the Financial Reporting Council indicated some of the key issues that need to be addressed...

The CRC (Carbon Reduction Commitment) Energy Efficiency Scheme ^new
This mandatory cap-and-trade scheme for emissions, targeted at large organisations in the non-energy intensive sector in the UK is anticipated to affect thousands of organisations as diverse as banks, supermarkets, cinemas, hotels and local authorities...

How sustainable is a cost reduced business model? ^new
Cost cutting has been a key response of many companies to the economic crisis. Unlike previous recessions current cost reductions appear to be long-term. A key consideration for every audit committee and board is whether these cost reductions can be sustained. Here are some pivotal questions for directors to think about – and discuss with management.

Ownership of governance, risk and compliance role is unclear, according to a KPMG survey
On 27 May 2010 the Financial Reporting Council (FRC) issued the UK Corporate Governance Code, which is the end result of a year of consultation and reflection on the state of governance in UK businesses. The changes to the Code are summarized in the attached issue of the Journal.

Draft regulations on remuneration in the UK
Summary of findings and comments on “The Convergence Challenge” survey performed by KPMG International and the Economist Intelligence Unit. The survey examines how organisations are converging their governance, risk and compliance activities to reduce overall business complexity and their exposure to risk.

The UK Corporate Governance Code - changes to enhance governance in UK businesses
On 27 May 2010 the Financial Reporting Council (FRC) issued the UK Corporate Governance Code, which is the end result of a year of consultation and reflection on the state of governance in UK businesses. The changes to the Code are summarized in the attached issue of the Journal.

Narrative reporting under the Business Review enhanced disclosure requirements
The ACI in the UK surveyed 85 companies from the FTSE 100 to see how they had responded to the enhanced disclosure requirements of the Business Review legislation introduced via the Companies Act 2006.

Could transforming your finance function help transform your business?
Why the need for change? What are high performing finance functions doing to meet the challenges they face? How can finance transformation benefit your business?

Ten To-Dos for audit committees for 2010
When considering their 2010 agenda, audit committees should...

Financial reporting update
The proposed changes are likely to have a significant impact on most lessees' financial statements.

What we can learn from the financial crisis
As companies deal with the fallout from the financial crisis, two important – and instructive – questions arise: Why didn’t audit committees and independent board members see it coming? And what can audit committees learn from the crisis? Tim Copnell, Associate Partner with KPMG’s Audit Committee Institute in the U.K., shares some of his views.

The three lines of defence
Audit committees these days are burdened with a lengthy list of mandatory agenda items, and must find the time to address these and other topics. The following article summarises some practical hints to help you focus your audit committee agendas.

What’s your company’s risk culture?
Board members have taken a greater interest in their company’s risk management programmes, trying to understand the top risks facing the organization and their risk mitigation plans. But one area of the risk management programme that has not been a focus until now is a company’s “risk culture,” a critical element of risk management efforts and an area that board members should better understand.

Internal Audit at a Crossroads
Internal audit departments at large businesses around the globe face a defining moment. After several years of seeing more money pumped into internal audit in response to the requirements of Sarbanes-Oxley, management is now looking to trim the budget.

Directors' Compensation 2008
KPMG’s survey of Directors’ compensation analyses the latest trends in FTSE 350 directors’ pay.

Executive pay: balancing investor and executive expectations
Investor and public concern over executive remuneration is putting many company boards on the spot. We consider how they should respond.

The evolution of risk and controls
Historically, value preservation issues have driven the risk and controls agenda. In today’s ever-changing risk environment, with so much time and effort being expended on the management of risk, it is not unreasonable that businesses should now start to expect more of a return from this investment.

Jan Michiel Hessels talks about the external auditor: "A good auditor helps us ask the right questions"
… [Audit committees] want to see an auditor who is of course knowledgeable, but who is also really independent of management and who can and will go on asking unpleasant questions if necessary.

Ten to-do’s for audit committees in 2009
English version only
When considering their 2009 agendas, audit committees should...

Comply or explain under threat
Now that investors and the directors of Marks and Spencer appear to have reached a compromise over the elevation of Sir Stuart Rose to Executive Chairman, it is time to re-examine the sacrosanctity of the UK 'comply or explain' corporate governance framework.

Disclosure of internal control
The Audit Committee Institute’s 2008 disclosure survey sheds some interesting light on the differences between UK and SEC listed companies’ disclosures on internal controls.

Ten to-do’s for audit committees in 2008
When considering their 2008 agendas, audit committees should...

Audit Committee Survey 2007/08 - A snapshot
Oversight of risk management - top agenda priority for audit 2008. Confidence Tempered by Concerns over Risks in Current Environment