2019 Year End Audit Committee Agenda
As audit committees continue to be recognized by stakeholders in the financial reporting ecosystem as playing a key role in driving audit quality in the marketplace, this year-end snapshot is designed to help audit committees frame their respective committee agendas as they close out 2019 and look ahead to the 2020 proxy season.
New areas of importance have emerged in 2019. From newly effective and pending accounting standards to significant changes to auditor reporting related to Critical Audit Matters, financial reporting remains high on the agenda. Internal controls over financial reporting, with an emphasis on impacts related to adoption of new reporting standards, also remains high on the list. Other staples include: consideration of establishing and maintaining effective relationships among stakeholders; management’s assessment of risk and opportunities posed by cybersecurity, data privacy and digital transformation; and continued assessment on impacts from U.S. tax reform. Increasing focal points that may require audit committee scrutiny include: voluntary disclosures reflective of their oversight of the audit; proxy advisory focus; auditor independence; and education around trending ESG reporting. Learn how all of these may impact audit committees for both public and private companies for the foreseeable future.
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