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Public Hearing: Improving audit quality across t he European Union

Public Hearing: Improving audit quality across t he European Union. Brussels , 27.03.2012. „ Enhancing the role of the audit committee and the chair of the audit commi t tee “. Theo Siegert. Deutsche Bank AG – Member audit committee E.ON AG – Chair audit committee.

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Public Hearing: Improving audit quality across t he European Union

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  1. Public Hearing: Improvingauditqualityacrossthe European Union Brussels, 27.03.2012 „Enhancingtheroleoftheauditcommitteeandthechairoftheauditcommittee“ Theo Siegert Deutsche Bank AG – Member audit committee E.ON AG – Chair audit committee Henkel AG & Co. KGaA – Member auditcommittee Merck KGaA – Chairauditcommittee Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  2. Agenda Public Hearing: Improvingauditqualityacrossthe European Union The problemtobeaddressed The origin How does an Audit Committee (AC) work ? Typical time table What is the content of an AC work ? Typicalrollingagenda The DAX 30 auditchairrecommendations Conclusion Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  3. 1. The problemtobeaddressed: The origin Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  4. 1. The problemtobeaddressed : improvingauditquality How does an ACactually work ? Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  5. 2. Howdoes an AC work ? : Typical time table (Auditors & AC : muppets of management) ? Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  6. 3. Howdoes an AC work ? : Typicalrollingagenda Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  7. 4. The DAX 30 auditchairrecommendations (I) “Enhancing the role of the AC” Strengthening the relationship between audit committee and statutory auditor to increase the independence of the auditor Preference of tendering the audit engagement on a regular basis(instead of a general limitation of the duration of the audit engagement) Do not limit the authority of the AC to only 10% provision of non-audit-services Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  8. 4. The DAX 30 auditchairrecommendations (II) Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  9. 4. The DAX 30 auditchairrecommendations (III) Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  10. 4. The DAX 30 auditchairrecommendations (IV) Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

  11. 5. Conclusion Enhancing the quality and independence of the auditing process The DAX 30 audit chair recommendations : enhance the role of the AC Reducing the expectation gap: strengthen the EU-quality review for auditors Professional scepticism and regulation Theo Siegert – de Haen-Carstanjen & Söhne, Düsseldorf HR A1 E-Mail: siegert@dhcs.de

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