The publication as a practical guide to forming and running an effective audit committee. Within this publication, we provide answers to certain frequently asked questions (FAQs) centering on the WHYs, WHOs, WHATs, WHENs and HOWs of audit committees. More specifically, these FAQs summarize the common functions and responsibilities of audit committees and seek to provide insights and perspective as to how to optimize audit committee effectiveness. Our vision has been shaped by our own experiences with our clients and interpretations of the specific recommendations, guidelines, and rules of various governing bodies, professional organizations, and the stock exchanges.

Throughout this publication, we focus on some of the more challenging aspects facing audit committees and best practices that may be adopted. To that end, in addition to our commentary, we have included links and references to other relevant BDO practice aids and tools as well as certain valuable external resources.

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Click here for standalone practice aids included within this publication
Click here to access BDO Ac'sense page

Our clients are changing their focus. Over the last two years our conversations have focused on cost control, but now ambitious clients want to discuss overseas expansion. To coincide with this trend, BDO has produced a survey which assesses both the advantages and disadvantages faced by companies trying to expand into different territories, based on the experience of those already there.

Research was conducted in ten countries and the focus of the study was on identifying strategies, critical success factors and challenges to cross-border growth encountered by those companies experienced in cross-border expansion. It explores key themes around how globally ambitious midsized companies can maximise the business opportunities and navigate the regulatory challenges of cross-border growth.

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Click here to access dedicated BDO Ambition Survey page

Islamic Finance - challenges and opportunities was written in co-operation with the Economist Intelligence Unit. It is based on their global survey of 173 executives from the financial servcies industry with varying levels of involvement with Islamic finance. These represented a diverse spread of institutions: 14 per cent work in Islamic banks, 29 per cent in Sharia-compliant windows within conventional funds investing in Sharia-compliant products. while 31 per cent described themselves as other types of investors in Sharia-compliant products.

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Smarter Public Sector Procurement

Government procurement is bound to be at the centre of any drive for efficiency savings. The public sector is an extremele powerful purchaser. BDO's experience leads us to believe that the capacity of public bodies for smarter procurement needs to be significantly enhanced, and the market for professional services shaken up to be made more competitive and innovative.

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A new framework for accounting and reporting could lead to big changes in the financial statements of not-for-profit organisations. A recent consultation by the UK's Accounting Standards Board has proposed a the use of a "cut down" version of International Financial Reporting Standards for the UK, known as the IFRS for SMEs, from as early as 31 December 2012. Charities, housing associations, higher and further education institutions and member organisations will all be affected to varying degrees.

International Financial Reporting Standards and Not For Profit Entities provides a cross sector review of the potential impact of these recent proposals as the IFRS for SMEs is applied to not-for-profit organisations.

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Since 2005, the adoption of International Financial Reporting Standards (IFRS) by public markets in many territories has accelerated significantly. Over 110 countries now require or have permitted IFRS for public reporting purposes. Others including Argentina, Canada, India, Japan, Malaysia, Mexico, South Korea and Taiwan, have already committed to require, or voluntarily permit, adoption of IFRS for publicly accountable entities in 2011 or 2012. The US though continues to delay in its decision making.

Consequently, we have updated our original 2007 report, Attitudes to IFRS, in version 2.0 we speak with CFOs of entities who have more recently adopted IFRS, the majority of whom did so as a consequence of the London-based AIM’s mandatory adoption of IFRS in 2007.

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