The ACI publishes a range of articles and publications that examine issues of concern to audit committee members across the globe. These include audit committee process and policies, regulatory matters, and current developments in accounting and auditing.
The China Boardroom Update examines and summarises current issues of concern to audit committee members including China regulatory issues, and current developments in accounting and auditing.
The Hong Kong Stock Exchange has been considering guidelines for Environmental Social and Governance (ESG) disclosure, a development that keeps Hong Kong in line with a global trend among stock exchanges to recommend and mandate increased disclosure around sustainability. The long-term vision is to upgrade the reporting requirements to "comply or explain", which is similar to the arrangement for the Code on Corporate Governance Practices. For many Hong Kong listed companies, development of guidelines would mean they must make an active decision whether or not to initiate sustainability reporting. For others, it is a chance to consider ways to improve their existing reporting frameworks to differentiate themselves in the market.
More than two-thirds of executives believe combating fraud and misconduct may require improvements in corporate internal control environments.
In 2009, with companies of every size and industry wrestling with the challenges posed by the current financial crisis, the audit committee agenda must now perhaps zero in on survival rule number one: helping their companies get through the next 18 months.
This survey report finds that audit committees top priorities for 2009 are: financial crisis / recession risks; risk management; financial statement issues and disclosures; internal controls.
Based on the close links between the UK Combined Code and the Hong Kong Code, the ACI has published examples of UK corporate governance statements that may be of use to Hong Kong listed issuers.
The Hong Kong Stock Exchange's recently introduced Code provides a detailed approach to various areas of corporate governance in Hong Kong. The Code replaces the previous Listing Rules related to corporate governance whilst the Rules on the CGR setting out the requirements in respect of the preparation and issuance of a Corporate Governance Report ("CGR") that have been introduced by the Exchange.
The Code and the CGR were effective for accounting periods commencing on or after 1 January 2005, apart from provisions in the Code relating to internal controls, with some transitional arrangements.