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IOD: Guidelines on questions to consider before board approval of AFS
- 04 June 2025
- Regulatory Compliance and Legislation
- South African Accounting Academy
Summary:
The Institute of Directors (IOD) has published Guidelines on questions that an audit committee could consider before recommending an entity’s financial statements for approval by the board.
Article:
The scope of this Audit Committee Forum position paper focuses on one aspect of the audit committee’s responsibilities, and that is the considerations for review and approval of the financial statements. It is therefore not a comprehensive list of audit committee responsibilities. This position paper should assist audit Committee members in their consideration and review of the financial statements for recommendation to the board.
This paper has been structured to detail 7 items the audit committee should consider before discharging its responsibility for the fair presentation of the financial statements and the extent to which they can be relied upon.
Contents:
- Types of assurance
- Summary
- Review of financial reporting
- Management overview of the financial results of an entity for the period
- The suitability and applicability of accounting policies
- The results of business transactions and accounting estimates presented in financial statements
- Current developments in auditing, accounting, reporting and taxation
- External auditors communication
- Compliance with other legal and statutory requirements
- Conclusion & Contact details
Click here to download the 8-page document:
Relevance to Auditors, Independent Reviewers & Accountants:
- As a practitioner, you may need to advise your clients, who have audit committees, on their functions and what is expected of them by investors.
- The audit committee has wide ranging roles and bears significant responsibility in supporting the Board.
- Audit committees should be aware of guidance issued by regulators, such as the IOD.
Relevance to Your Clients:
- The audit committee has wide ranging roles and bears significant responsibility in supporting the Board.
- Audit committees should be aware of guidance issued by regulators, such as the IOD.