FERMA and the European Confederation of Institutes of Internal Auditing (ECIIA) have responded to increased EU requirements for more corporate transparency with a new joint guidance document on the 8th Company Law Directive which was launched at the Seminar.
The new document “Audit and Risk Committees: News from EU Legislation and Best Practices” examines specifically how these committees should support their board and be supported by the two professions: risk managers and internal auditors.
The Guidance identifies 10 possible responsibilities to share between audit and risk committees and is meant to help boards of companies and the chairpersons of audit and risk committees to handle the increased EU requirements on financial and non-financial transparency.
The joint working group which prepared the Guidance sought views from the chairs of four European audit and risk committees from various business sectors not just on the challenges coming from the regulatory environment but also interactions with other functions within their organisations.
The Guidance can be downloaded free: www.ferma.eu/app/uploads/2014/10/ECIIA_FERMA_Brochure