Surveying the Regulatory Landscape
The pace and extent of regulation are a top concern for boards, as investors and regulators continue to push for greater transparency in corporate governance. The board’s, particularly the audit committee’s, role is becoming increasingly complex, particularly in the areas of setting cybersecurity strategy and monitoring practices, overseeing management’s use of non-GAAP measures, and in considering proposed enhanced auditor reporting requirements.
During a fall 2016 New York City public company board roundtable, co-hosted by BDO and the National Association of Corporate Directors (NACD), directors shared their thoughts on how they were addressing these issues and their opinions on the future of disclosure requirements. The lively discussion was facilitated by current and former regulators from the PCAOB and FASB, two BDO audit partners, and a current audit committee chair of several public company boards, who added to the conversation in sharing differing viewpoints. Key points of the discussion are captured in an article appearing in the November/December 2016 issue of the NACD’s Directorship magazine.