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This section provides a library of publications, surveys and other resources we believe may be useful to audit committee members and directors in general. Audit committee insights - A survey of Australian audit committees A total of 96 Australian audit committee members participated in the third annual International Audit Committee Member survey. The survey offers insight into current challenges and emerging issues facing audit committee members, such as audit committee effectiveness and approaches to risk management and benchmarks against audit committees in the UK, US and Canada. This report focuses on the Australian results.
2008 International Audit Committee Member Survey More than 1000 audit committee members participated in the latest International Audit Committee survey, including 96 participants from Australia. The survey highlights key oversight priorities and processes as well as global benchmarking data to improve meeting efficiency and effectiveness. Additional insights are provided on key working relationships with Internal Audit, CFOs and the External Auditor.
The evolution of risk and controls As the risk and controls functions receive greater boardroom attention and become more deeply embedded in the organisation, expectations of their aims and outputs are changing. Once largely focused on avoiding loss and complying with regulations, risks and controls are now increasingly required to show that they also add value – namely that they make a measurable, positive contribution to the organisation.
ASX Corporate Governance Principle 7 This paper provides a practical analysis and guide to interpreting and implementing the key changes to one of the key principles, Principle 7: Recognise and Manage Risk. Principle 7 has four elements that encourage companies to establish a sound system of risk oversight and management, and internal control. In this paper, KPMG has identified the next key steps for companies to consider in preparing for the 1 January 2008 effective implementation date.
Forecasting with confidence – Insights from leading finance functions All organisations use forecasts to predict and manage their future performance, however only one in five currently produce a forecast that is reliable. This paper examines how leading companies enhance the reliability and confidence of financial forecasts and, as a result, create measurable business value.
Effective Direction of Compliance from the Board - A Director's Survival Guide Peter Whyntie, a KPMG partner specialising in compliance, published an article in Issue 2, 2007 of the Australasian Compliance Institute's journal. The article was developed as a brief guide for directors to optimise boards' effectiveness in providing direction in the increasingly complex compliance environment. This paper provides some practical guidance on how boards can establish the structure and methodologies to better discharge their compliance governance duties and to promote a strong and effective compliance culture.
The evolving role of the internal auditor Changing stakeholder expectations and a new view of risk management are prompting an important shift in the role of internal audit in many organisations. New demands from the board, senior organisational leaders, and regulators are requiring internal audit groups to refocus their efforts beyond regulatory compliance issues. This report discusses the new challenges internal audit departments face in the context of their evolving role and responsibilities. It will consider how internal audit can begin to address these challenges, thereby creating value for organisations and reasserting its traditional role as an independent adviser.
If you would like a hard copy of this publication, please email your name and postal address details to aci@kpmg.com.au.
Agents of change - A survey of Australian board audit committees and comparison with international experience Earlier in 2006, KPMG’s Audit Committee Institute set out to uncover the key challenges faced by Australian audit committees. The study was part of a worldwide initiative that involved more than 1200 audit committee members across 17 countries. Within Australia, 143 contributed to the study and Agents of change presents their unique insight into Australian audit committee practices and processes. Where relevant, the results were benchmarked against those from the US, UK and Canada. The report profiles key areas of focus such as audit committee effectiveness, risk management and many others including committee composition and member background, financial exposure and compensation.
Being the best: Insights from leading finance functions The primary goal for finance is clear: the business needs finance to act as a trusted source of advice and insight on strategic issues. But is the finance function delivering? This research report, based on Economist Intelligence Unit research delves into this question and determines what does make a leading a finance function.
A view from the top - Business ethics and leadership In 2000 KPMG conducted research into Australian boards' perceptions of the ethical dimensions of business life. In 2005 this new research project seeks to update the earlier findings and provide new insights into board perceptions and management of business ethics. The research presented in this paper provides some timely insights into the elusive dynamics driving board perspectives of the ethical dimensions of corporate life. It identifies some of the obstacles to a more robust engagement with modern day ethical challenges - challenges that arise from the idea that business is essentially a social institution that is responsible for its social and environmental footprint as well as its economic performance.
KPMG's Audit Committee Insights – Audit Committee Insights is a biweekly e-mail alert produced by KPMG's Audit Committee Institute in the United States. Many of the articles and issues discussed are directly relevant to Australian boards. Each issue contains articles selected from hundreds of respected business journals, industry publications and association web sites. In each issue you can find articles about:
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