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Audit and financial control

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › Audit and financial control

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Ken Garrett.
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  • February 20, 2022 at 11:43 pm #649011
    AbrahamChinYuan
    Participant
    • Topics: 22
    • Replies: 22
    • ☆

    May i know who is responsible for the annual review of the effectiveness of internal controls and the reporting of this to shareholder? (board of directors or audit committee?)

    February 21, 2022 at 9:10 am #649041
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    The UK Corporate Governance Code states that:

    C.2.3. The board should monitor the company’s risk management and internal control
    systems and, at least annually, carry out a review of their effectiveness, and report
    on that review in the annual report. The monitoring and review should cover all
    material controls, including financial, operational and compliance controls.
    .
    .
    C.3.2. The main role and responsibilities of the audit committee…

    to review the company’s internal financial controls and, unless expressly
    addressed by a separate board risk committee composed of independent
    directors, or by the board itself, to review the company’s internal control and risk
    management systems.

    So, in many companies the detailed work will be done by the audit committee (and their supporting staff) but the board as a whole has to take responsibility when it comes to reporting the results of the IC review in the annual report.

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