Enhancing the Dialogue Between Bank Auditors and Audit Committees says there should be more public access to details of accounting judgements challenged by the audit committee and key accounting decisions should be published in banks’ annual reports.
- Consider the extent to which the objectives of the auditor, audit committee and executive management are similar or different for the various activities within the annual reporting process;
- Balance the level of co-operation and challenge accordingly;
- Make the challenge and debate that has taken place more transparent by including details in the annual report on key accounting judgements challenged by the audit committee, and debates between the auditor and audit committee, as well as auditor and executive management;
- Ensuring that bank auditors and audit committees have good relationships with the bank’s risk committee;
- Considering key accounting judgements in the light of risk; and
- Planning for an efficient year-end process.