Prior to the implementation of the Companies Act 2014, the requirement for an audit committee only impacted ‘public interest entities’ such as those having shares listed on a stock exchange, banking institutions and insurance companies. However, this requirement has now been extended to large private companies and so it is now necessary for large companies, who have never had to concern themselves with such obligations before, to become familiar with the procedure and policies of audit committees. In order to facilitate that understanding we have set out the key information associated with this new requirement which all large companies should be aware of.
At Crowe Horwath we have an in-depth understanding of the Companies Act 2014 and its implications for clients’ business. Catherine Flavey, Manager of Corporate Compliance, along with our dedicated Company Secretarial team are available to assist clients with adapting to changes required by the new Act.