Useful guides for audit committees

Here is a list of links to useful guides that governors have given us...

New Zealand-specific guidance

Checklist for self-assessment of an audit and risk committee (PDF, 24kB)
The Treasury’s guidance on performance and financial management.
The Institute of Directors’ “BetterBoards” is an online evaluation and appraisal tool that helps boards identify their strengths and weaknesses, assess their performance, as individuals and as a whole, and determine opportunities to become better at what they do.
The Ministry of Business, Innovation and Employment and the Institute of Directors have produced a guideline for good governance practices in managing health and safety risks.
The Institute of Internal Auditors website also contains useful guidance.

Other useful material for generic principles, tools, and ideas

The Australian National Audit Office has published two guides for audit committees in the Australian public sector. A lot of their advice can also be applied to audit committees in New Zealand:

HM Treasury has published an Audit and Risk Assurance Committee Handbook to assist boards with setting their organisation’s risk appetite and ensuring that controls are in place to manage risk within this.

PwC has produced an evaluation guide for independent boards.

KPMG’s Audit Committee Institute New Zealand provides information, resources, and knowledge-sharing opportunities through a variety of forms, surveys, and publications. It helps audit committee members and their boards enhance the effectiveness and integrity of the financial reporting process.

KPMG’s Audit Committee Institute USA includes links to webcasts and podcasts with information that is relevant to audit committees. They also have useful articles, such as:

Understanding and Articulating Risk Appetite, which gives a more detailed explanation of risk appetite;
On the 2015 Audit Committee Agenda, which draws on insights from recent survey work and interactions with audit committees and business leaders throughout the year and flags ten things that audit committees should keep in mind as they consider and carry out their 2015 agendas; and
On the 2015 Board agenda, which draws on insights from their interactions with directors and business leaders over the previous 12 months and flags eight things that boards should keep in mind as they consider and carry out their 2015 agendas.

KPMG’s Audit Committee Institute UK also includes useful publications, such as:

an Audit Committee Toolkit, which includes guides on self-assessment and evaluatimg the external auditor and internal audit functions; and
an Audit Committee Handbook, which aims to provide insights on where peers are at and practical insights on formulating and defining their organisations’ risk appetites.

Page last updated: 16 January 2017