TISA - Tax Incentivised Savings Association - Training Event

Ensuring your Audit Committee is Effective

Tisa -

Ensuring your Audit Committee is Effective


*Please be advised dates for this course will be released later in the year*

More is expected of audit committees today than ever before. Well help you better understand your responsibilities, manage risk and add tangible value to your firm


Course overview
When firms run into trouble, one of the first questions asked is, Where was the audit committee? High-profile scandals have highlighted the consequences of poor audit, including black holes in the balance sheet and serious reputational damage.
Audit is high on the political agenda. Since the financial crisis, expectations have never been higher for the audit function. And its down to you to make sure your firm does not get any nasty surprises from the regulator.
With increased pressure on your shoulders it can be hard to know where to begin. But one thing is certain: the regulator expects the audit committee to spot governance failures before they crop up. Failure to do so has serious repercussions for you and your firm.

So join us for this focused two-hour workshop.
Well help you better understand your responsibilities, provide a more robust challenge to management and meet the high expectations of the regulator and your stakeholders:

Learn exactly what the FCA and PRA expect from your audit committee
Understand your role in compliance, financial statements and audits (both internal and external)
Recognise how you can promote good governance and add value to the business
Get expert guidance on all the latest regulatory issues and audit best practice

This course is not about wading through regulatory updates, or simply learning how to keep the regulator happy (although thats essential, of course). Its about understanding the fundamental role played by the audit committee, so you can improve its effectiveness and your firms overall governance standards.

Course Agenda
The role of the audit committee
How to meet the requirements and standards of current regulation
Ensuring the accuracy and integrity of financial statements
Conducting a comprehensive internal audit
Building a good relationship with external auditors

Working with the risk committee
The role of both committees in risk management
The FCAs SYSC 21 guidance on the risk committee
What it means if the audit committee also acts as the risk committee
How to work with a separate risk committee in place

Moving from compliance to adding value
Picking out the most important data in dense information
Getting the right information from the finance department and the internal audit
Ensuring better communication with the board
Reviewing the effectiveness of the committee

Key issues for committees in financial services
What recent guidance from the Financial Reporting Council and the Institute of Internal Auditors (among others) means for you
The new role of the audit committee in recovery and resolution planning

This session will be delivered by Eithne McManus. Eithne has over 25 years' experience in the financial services industry in a variety of risk and financial management roles, many of them at board level.
Eithne is currently a trainer and consultant, advising companies and Boards on risk and governance related issues. She is a non-executive director of two insurance companies, and chairs the audit committee of one of these. A qualified actuary, Eithne spent much of her career with City of Westminster Assurance, where she was Chief Financial Officer before becoming Chief Executive.
Eithne provides thoughtful advice on the respective roles of the Board, Risk and Audit Committees and of senior management, particularly in a regulated financial services context.