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KPMG's Audit Committee Institute publishes Across the board, a regular newsletter specifically for Australian Directors. Across the board is published quarterly to alert boards and audit committee members to emerging issues relating to financial reporting, oversight of risk management and internal controls and evaluation of internal and external audit, and to significant changes in board and audit committee practices in Australia and internationally. The newsletter is distributed through KPMG offices. The ACI also distributes electronic copies of Across the board to Directors and those who work closely with boards such as CEOs, General Counsel, CFOs, Company Secretaries and Internal Auditors. Across the board is distributed electronically only at the direct request of a Director or officer. If you would like to be added to our electronic distribution list, please send an email with your name, title, organisation name, address and phone number to: aci@kpmg.com.au. Issue 1, May 2008 In this edition we examine what boards need to consider when dealing with a tougher more uncertain business environment. The impact of the US sub-prime mortgage crisis is examined along with the key issues that directors should be addressing in this volatile environment including governance, financial reporting and capital management. We also present the findings of a new KPMG study that considers the importance of reliable forecasting to improve business performance and value. With climate change moving up the political agenda, we examine some of the accounting and tax implications surrounding the introduction of the Australian emissions trading scheme. Finally we outline the ten to-do’s for Audit Committees in 2008.
Issue 2, August 2007 A poorly planned and executed disposal can destroy as much value as an ill-conceived acquisition, but how do boards avoid value leakage? Our first article in this issue of Across the board examines the challenges and looks at some of the common value-sapping issues that can sour a transaction. We also look at the governance challenge of private equity offers, and elsewhere we profile the role of the chief financial officer and ask whether the relationship with the board and board audit committee is all that it should be. Finally we consider the practicalities of establishing a tax governance system and the impact of the Simpler Regulatory System legislation or Red Tape reform.
Issue 1, May 2007 In our latest issue of Across the board we profile the business implications of climate change. Once a sleeper issue for many organisations, it is now becoming a critical issue for both individuals and businesses. To date few organisations have formalised responses and now is the time for boards to rethink their climate change agenda and the implications for strategic planning. We also examine the changing role of the chief financial officer and discuss how leading organisations are working to build a strategically focused finance and accounting function that can truly be considered a strategic partner to the business. Finally, we cast the rule over proposed and changing regulation from the Australian Taxation Office and Australian Securities Exchange.
Issue 12, December 2006 In this issue of Across the board we examine the complex area of anti-money laundering and counter-terrorism financing. Proposed federal government legislation has extended the scope of organisation covered and significantly, rests ultimate responsibility for compliance with board members. Australia is proving a hospitable environment for private equity and sights are increasingly set on the public sector. Boards looking to raise cash are beginning to question the value of an IPO when compared to the benefits and skills associated with the private equity model. We also consider a new approach to the measurement and assessment of board performance. And, in our first survey of Australian audit committee members, we report on the key challenges faced by audit committees and consider how they respond to current and emerging issues.
August 2006, Issue 11 In this issue of Across the board we take a look at Australia's transition to the Australian equivalents of the International Financial Reporting Standards (AIFRS), discussing some of the commonly expressed concerns and issues that face Australian boards as they face the reality of life under AIFRS. Also covered is the topical issue of executive remuneration and the governance related considerations for boards who seek to find ways to better align executive remuneration with shareholder interests. We also explain what boards need to know about transfer pricing, the often unrecognised tax risk for multinational enterprises.
Issue 10, February 2006 In this issue of Across the board we look at KPMG's recent research into compliance. Drawing on our experience working with organisations across many industries and on a range of compliance initiatives we identify and examine 10 leading practice principles to help organisations redress the current imbalance between compliance and performance. Elsewhere, we examine the issue of IT governance and finally, Canadian academic and well-respected governance thought leader, Dr Richard Leblanc gives an inside view of the coming revolution in corporate governance.
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