Audit committee

I wanna investigate it all.

Audit Committee.

Uh, let's hear it for our, uh, um, contestants.

[laughs] [clapping] Stick around for a photo, right? Um, Nicole Crosby, thank you so much.

Today's guest is Matthew Lester.

Matthew is chair of Keir Group PLC and a non-executive director and chair of the audit committee at Intermediate Capital

Group PLC.

I was very much anti-NEDs really spending time in a business and felt that they needed to be somewhat distant and these sort of independent judges now having done very much of the opposite side, they need to spend time in the business and have access everywhere.

When was the last time we reviewed our financial policies? Not just, do we have them? But are they current? Do they reflect how our school actually operates? And are the employees trained on them? Let's talk about committees for a minute because there's an important distinction for Utah charter schools.

Utah law requires every charter school governing board to have an audit committee.

Under Utah Code 53G-7-401, the audit committee is a standing committee of the board with requirements for its membership and independence.

The Audit Committee plays an important role in selecting the school's auditor and reviewing audits, internal controls, compliance, and concerns such as fraud, waste, abuse, or other financial weaknesses.

Utah Administrative Code R-277-113 also outlines responsibilities for the Audit Committee.

A finance committee, however, is not required by Utah law.

That's a decision each board can make based on the size and needs of its school.

And here's where I think boards can keep this fairly simple.

Hello, and welcome to PwC's Accounting Podcast.

Today, we're looking at how a fast-moving risk and regulatory environment is reshaping the audit committee agenda and how finance teams can help keep audit committees informed, focused, and prepared for what's ahead.

Hi, I'm Heather Horn.

Today we're looking at how a fast-moving risk and regulatory environment is reshaping the Audit Committee agenda, and how finance teams can help keep Audit Committees informed, focused, and prepared for what's ahead.

With AI, cybersecurity, geopolitical uncertainty, and regulatory change all competing for attention, that means going beyond updates on what's already happened.

Audit committees increasingly need timely information, thoughtful scenario analysis, and focused discussions that help them understand the risks and opportunities in front of the business.

For this episode, we're sharing a conversation from our recent quarterly accounting webcast where Kathy Neeland, a partner in PwC's Governance Insights Centre, sat down with Laura Hay, an experienced board director and audit committee chair.

Laura shares her perspective on what's changing on the audit committee agenda, what boards need from management, how AI is shaping boardroom discussions and how companies can help their audit committees navigate the risks and opportunities ahead.

Gray was a pioneer member at the European Court of Auditors, finance director for agriculture and structural funds, and later director general of the Commission's internal audit service, responsible also for some forty EU agencies before retiring in twenty twelve.

Since then, he has chaired the Audit Committee of the European Council and served on audit committees across the EU, including Fusion for Energy and the Committee of the Regions.

When Gray joined the newly created European Court of Auditors, ECA, in Luxembourg in nineteen seventy-eight, the Commission's accounting and auditing function had few professional accountants, making him, fresh from Deloitte in London and Lusaka, something of an exception.

"The Brits employed qualified accountants, the Italians employed lawyers, and the French basically government officials," Gray recalls.