New help group for audit committees
An initiative aimed at helping audit committee members cope with increased responsibilities in the wake of recent corporate scandals has been launched today.
Called the UK Audit Committee Institute and backed by KPMG, the forum hopes to be able to help members keep on top of the rapidly changing corporate governance world, including company law, auditing and accounting issues.
In the past, audit committees, normally consisting of a majority of non-executive directors, have been left on their own to keep up-to-date with changing regulations and requirements.
‘More than ever before, audit committee members must be in a position to challenge management knowledgeably and provide increasingly specialised oversight,’ said Michael Hughes, KPMG’s chairman of assurance.
A website and hotline are to be set up by the end of September.