ACCA, Polish Institute of Directors Publish Guide for Setting Up Audit Committees
Following the Polish government’s decision in 2009 to require publicly-listed companies to establish audit committees, the ACCA and the Polish Institute of Directors (PID) have released a new guide for listed companies which provides guidance on creating an audit committee.
The guide, entitled First Steps: A Guide for Practitioners, went public last January 26. It was launched by the ACCA and PID at the Warsaw Stock Exchange. Pawel Spiechowicz, chief author of the guide, told the Warsaw Stock Exchange that “the project is far from being an exhaustive study.”
The ACCA and PID aim to “release, in the near future, an extended version, presenting a broader range of experiences from former members of the supervisory boards of publicly-listed companies in Poland,” Spiechowicz added.
Prior to the publication of the guide, the ACCA and PID have consulted the key players in Poland’s financial markets and audit firms, according to Spiechowicz.
There are two parts of the guide. “The first sets out how an audit committee should operate, featuring a 10-point list of best practice steps to creating a committee, and identifying the key principles that will ensure that it operates effectively. The second focuses on the typical tasks assigned to the audit committee, with references to the need for effective processes of risk management and internal control, and necessary cooperation between both internal and external auditors,” the ACCA stated.
Andrew S Nartowski, president of the Polish Institute of Directors, said the presence of audit committees created by qualified members of supervisory boards is very important in helping the market reach maturity.
“The authors have shown imagination and courage: imagination by recognising the challenge and the need to establish a culture of having audit committees in the Polish market, and the courage to take on this challenge,” he added.