"The strategic audit committee: a 2020 preview" from Deloitte facilitates the audit committee's prioritization of financial reporting and risk oversight responsibilities and associated tasks in the context of an increasingly crowded field of issues expected to garner board attention, which often default (in whole or in part) to the audit committee. The memo also suggests a handful of governance practices critical to the committee's optimal functionality, including an effective committee chair, a well-considered meeting agenda and pre-read materials, and a series of executive sessions (audit committee-only, and with different members of management and the outside auditor), which the firm soundly advises be a standard agenda item. The memo also includes questions for the audit committee to consider that can help prompt dialogue among committee members on their engagement across these responsibilities and practices.
Access additional information & resources on our Audit Committees page. This post first appeared in the weekly Society Alert!