Link: Higgs’ special report
Charles Tilley, chief executive of CIMA, sounded a note of caution about the information non-executives receive from their executive colleagues.
‘For non executives to function effectively requires more than regulations. It requires good quality information that is relevant, timely and easy to understand. NEDs are only as good as the information they have to work with,’ he said.
ACCA warned of ‘overwhelming strain’ that could be placed on the ‘cohesiveness’ of some boards attempting to comply with the recommendations. ACCA is concerned that efforts to produce enough ‘independent’ directors will result in the appointment of some not qualified for the job. Smaller quoted companies are especially at risk, it added.
David Bishop, chairman of ACCA’s working group on corporate governance, said the huge demand for NEDs could ‘lead to less qualified and experienced people finding their way into boards and small listed companies spending considerable resources training and supporting them’.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester