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Audit Governance Changes

Audit governance ensures clarity over the purpose and responsibilities of the audit, that there’s an official mandate and clear departmental goals are in place.

Deloitte in the UK today announces changes to its audit governance structure, with the establishment of an independent Audit Governance Board.

Margaret, Baroness Ford of Cunninghame OBE, will be appointed as independent non-executive chair of the AGB when it is established, which will have a majority of independent non-executive directors, including Jim Coyle, Almira Delibegovic-Broome QC and Shirley Garrood, in addition to Baroness Ford.

Effective from 1 January 2021, the AGB will have responsibility for providing independent oversight of the United Kingdom audit practice, with a focus on the policies and procedures for improving audit quality and ensuring the Financial Reporting Council objectives of, and desired outcomes for, operational separation are met.

The creation of the AGB is the initial phase of Deloitte in the UK’s implementation of the principles for operational separation set out by the FRC in July 2020.

Alongside the establishment of the AGB and the independent non-executive appointments, Deloitte in the UK has also announced that Stephen Griggs will become managing partner for Deloitte in the UK.

Finally, Deloitte in the UK will also establish a new Colleague Advisory Forum, in line with the Corporate Governance Code, to support engagement on governance.

Made up of colleagues from a range of grades and parts of Deloitte in the UK, it will provide a more diverse perspective to the AGB and the firm’s UK Oversight Board, to help inform decision-making.

Global Accountancy Firm Names New Company Boss for Scotland

Covering the northern third of the island of Great Britain, mainland Scotland has a 96-mile border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the north and west, the North Sea to the northeast and the Irish Sea to the south.

PwC has unveiled a new boss for its operation in Scotland. The firm has unveiled Claire Reid as the successor to long-standing Scottish chairman Lindsay Gardiner, who has stepped down after seven years in the role.

PricewaterhouseCoopers is a multinational professional services network of firms, operating as partnerships under the PwC brand. PwC ranks as the second-largest professional services network in the world and is considered one of the Big Four accounting firms

Claire, until recently head of assurance for PwC in Scotland, becomes the first female to hold the post.

And she comes to the role with a strong background in technology. Claire joined PwC in 1998 and in the earlier part of her career with the firm was based in Silicon Valley, California, where she worked with a number of high-profile technology clients.

On returning to the United Kingdom she worked to establish and develop PwC’s relationship with Oracle, a cloud computing partner, going on to help build the firm’s cyber security operation, during a 10-year spell in London.

Claire, who has a degree in international business and modern languages from the University of Strathclyde, returned to her hometown of Glasgow in 2016 to become head of assurance and lead the firm’s technology risk practice across the United Kingdom.

Mr Gardiner meanwhile will continue to work within the firm’s audit business.