The brief is to consider : management's responsibility for financial statements; the need to require companies to maintain adequate internal control systems; the implications of these issues for the role of audit committees. Membership of the Committee is listed.
Includes the terms of reference of the Working Party formed by the Institute of Chartered Accountants of Scotland to address selected issues concerning corporate governance.
Mostly concentrates on what ICAEW's Financial Reporting and Auditing Group (FRAG) are doing.
Presents the auditor's view. NOTE: implication that BG's behind the scenes work had been influential in setting up Committee.
A contribution to the key issues for the Committee: roles of non-executive directors and shareholders; internal control systems; auditing appointments.
Letter gives personal views of MG Lickiss on independence of non-executive directors and their responsibilities for discussing the process of the audit with external auditors, separation of the role of Chief Executive and Chairman, internal system controls applying to quoted companies.
Main topics covered: audit committees, their relationship with external auditors, reporting on internal control systems.
Includes a draft work programme and an update of the draft Accounting Practices Board discussion draft.
Letter sets out Arthur Andersen's views as a contribution to evidence gathering.
Comments on the papers circulated for the 20-21 January 1992 meeting.
Covers aspects of board of directors, internal controls, financial reporting, auditing.
Comments on voluntary nature of compliance, internal control systems and comments on specific paragraphs.
Comments on enforcement, adoption and efficacy, control structures, role of the board of directors, audit committees and director accountability.
Comments on auditing, complying with a code of best practice, non-executive directors, internal control systems and going concern recommendations.
Comments on non-executive directors roles, internal control systems, the role of auditors.
Comments on board structures, internal control systems, enhanced disclosure in interim reports and going concern requirement.
Comments in the context of the wider context of corporate governance, while focussing on internal control, self-regulation and enforcement, interim financial reporting and auditing.
Comments on the separation of roles, non-executive directors , internal control systems, audit and remuneration committees and various aspects of auditing.
The response comments on the application of the Code to smaller listed companies, the effectiveness of internal control and the Caparo case.
Comments on the perceived division of roles for executive and non-executive directors and auditors responsibility to review a company's (non)/compliance with the Code. Further comments on internal controls are included.
Main comment relates to internal controls, based on experience in the public sector.
Includes the agenda for the meeting and supporting papers on directors' pension contributions, non-executive directors contracts, going concern and financial reporting and the Stock Exchange implementation of the Cadbury Code. Also included is note of the key points arising from a meeting between Martin Scicluna, Martyn Jones and Sir Adrian Cadbury on 22 April 1993.
The document covers the number of copies distributed, other UK organisations and jurisdictions interested in the report, progress on monitoring the Code's implementation, going concern and internal controls.
Contains list of attendees, Committee membership, (missing a letter regarding the role of the Committee) press cuttings, extracts from ICAS Working Party recommendations on internal control and examples of corporate governance statements.
The meeting arose from a CBI letter raising three points among which was the suggestion that accountants had gone further than the Cadbury Committee intended. Points covered included: internal control, going concern, and the proposed publication of a joint programme of ASB, APB, and English and Scottish accountancy institutes.
The file includes the text of Sir Owen Green's Pall Mall Lecture, statistics from the ABI on compliance, agenda and papers on independent boards, monitoring compliance and various papers on internal control.
Minuted items: internal control (ref Paul Rutteman), going concern, Labour Party document (See CAD-02281) and monitoring compliance with the Code.
Preliminary to the meeting of the Financial Reporting Council which will discuss a successor body to the CFACG.
Comments on and seeks discussions with the Committee on the draft guidance on paragraph 4.5 of the Cadbury Code i.e. Reportable weakness and effectiveness of internal financial control systems.
The letter opines that encouragement to to express opinions about the effectiveness of internal control would be premature.
Issues raised include expressing an opinion on the effectiveness of internal control systems, successor body and its remit.
Foreword to the ICAEW's guidance on internal control and financial reporting which appeared in Accountancy, February 1995.
The article should refer to draft proposals from the Working Group on Internal Control.