Providing a summary of current important developments and insights to diligent audit committee members and those associated with audit committees.
Audit Committee Matters is intended as a guide only. Readers are advised that before acting on any matter arising in this bulletin, they should consult an Assurance partner.
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Audit Committee Matters - May 2008 [PDF 251 KB]
In this edition:
Setting the agenda
In an unpredictable market and potentially difficult trading circumstances, it has never been more important to have a clear, objective and balanced overview of the results and the business. This is exactly where audit committees can deliver value - bringing a deeper and broader understanding of the markets, industries and businesses that the entity is involved in.
Reality bites: time to review your risk of impairment
Since Australian companies made the transition to IFRS, economic conditions have been strong and stable and the cost of capital low. Market values have afforded the luxury of leaving the impairment standard in the bottom drawer and concentrating on more complex standards. All that has now changed.
Evaluating external auditor performance
Although your external auditor should communicate regularly with the audit committee throughout the year, contact will increase as the financial year end approaches. The following questions may help you assess the auditor's performance and are worth bearing in mind during those discussions.
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