FERMA, audit group release guide on E.U. company law

BRUSSELS — The Federation of European Risk Management Associations and the European Confederation of Institutes of Internal Auditing on Monday launched a joint best practice guide to help companies respond to E.U. company law.

The guide, “Audit and Risk Committees: News from E.U. Legislation and Best Practices,” examines how risk and audit committees should support their company boards and, in turn, be supported by risk managers and internal auditors, said FERMA and the ECIIA, which are both based in Brussels.

The guide identifies responsibilities that should be shared between audit and risk committees and aims, among other things, to avoid overlap or duplication, Thijs Smit, president of the ECIIA, said Monday during FERMA's seminar in Brussels.

FERMA hopes the guide will become a valuable tool for risk managers and internal auditors, said FERMA President Julia Graham.