Acts of compliance
Voluntary compliance with the UK Corporate Governance Code varies widely. David Isherwood, Hugh Morgan and Geoff Swales consider when and whether the extended auditor reporting requirements apply.
- whether they have identified any inconsistencies between their knowledge acquired during the audit and the directors’ statement;
- that they consider the annual report is fair, balanced and understandable; and
- whether the annual report appropriately discloses those matters that the auditors communicated to the audit committee which they consider should have been disclosed.
As a minimum these requirements apply to all companies with a Premium listing of equity shares regardless of whether they are incorporated in the UK or elsewhere. However, there are a large number of other entities that choose voluntarily to report compliance with the Code to whom these new requirements will also apply...
This is an extract from an article in the December 2013 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.
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