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FRC: Audit Committees and Assurance: some ‘conversation starters’

Assurance and other topics discussed by Audit Committees are vital to
investors' understanding of companies - these are particularly relevant to financial reporting and internal control and the Audit Committee Report itself
is a valuable source of information for investors. Given this background the Financial Reporting Council (‘FRC’) has developed a series of ‘conversation starters’ for investors to consider. 

The conversation starters are structured by topic and include an initial ‘broad’ question with several more detailed follow-up questions. 

Below is a list of some of the conversation starter topics for use by investors wishing to engage with Audit Committees and companies on assurance-related topics. Future areas of focus may include, further ESG-related considerations, approach to materiality, contextualising risk and business model, use of emerging technology and other topical issues as they emerge.

Topics covered include:

  • Significant matters
  • Effectiveness of the Audit Committee
  • Principal risks
  • Risks – climate
  • Risks – cyber
  • Risks – fraud
  • Audit effectiveness
  • Planning the audit
  • Auditor appointment and tendering
  • Internal controls/internal audit

To read the detailed questions supporting the ‘conversation starters’ click on this link.




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