The ICAEW is to put forward proposals to the Financial Reporting Council's Working Party that the role of the audit committee should be significantly expanded beyond its current boundaries and become more transparent.
Link: New help group for audit committees
Peter Wyman, president of the ICAEW, will outline the proposals in a speech tonight at Balliol College, Oxford. He will suggest that the audit committee should play a much great part in the appointment of auditors, their remuneration, and the provision of non-audit services.
He will also suggest that the council should periodically review whether incumbent firms should be re-appointed or replaced.
‘We believe that greater transparency about the workings of the Audit Committee will give greater confidence to shareholder and other users of accounts,’ Wyman will say.
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