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Audit Committees: Are the expectations too high?
Nkonki 5th Annual Audit Committee Conference
Ansie Ramalho12 October 2015
Membership criteria
King II
• Financially literate
King III
• IR - standards• IFCs• External audit• Internal audit• Corporate law• Risk
management• Sustainability
issues• IT• Corporate
governance
Co Act
• Economics• Law• Corporate
governance• Finance• Accounting• Commerce• Industry• Public affairs or • Human resource
management• (Elected by
shareholders)
Duties
King II
• IFCs• Internal audit• Risks• Financial reporting• Accounting or auditing
concerns• Compliance with law
King III
• Integrated report• Financial report• Sustainability
• Combined assurance model• external audit• internal audit
• Risk management• Financial reporting• IFCs• Fraud• IT
• Whistle-blowing• Process for appointment
of auditor• Reporting to s/holders
Co Act
• Nominate auditor• Auditor fees and
engagement• Non-audit services• Report in AFS• Concerns and
complaints• Accounting policies• Financial controls• Records• Reporting• (Statutory duties)
Developments since King III
Audit committee reporting
Regulation Risk Cyber security
Auditor rotation MaterialityAssurance
Tax Integrated Reporting WORKLOAD
Beyond the scope of King IV
Ensure skills for reliance on management
Co-ordination with other board committees
Informal information gathering
Planning and prioritising
Figure out materiality