What lies ahead for audit committees?

Audit committees face increased responsibility, accountability and reporting requirements. Can they rise to the challenge, asks Sarah Perrin ACA

A range of UK and European developments are combining to ratchet up the demands made on audit committees (ACs). In the UK, conclusions drawn by the Competition Commission see a need for increased AC authority when it comes to appointing auditors, more regular audit tendering and expanded AC reporting. However, this is now subject to review following the decision to delay implementation until the EU publishes its new audit framework.

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