2018 Audit Committee Outlook for Banking

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Withdrawing money from bankHighly disruptive market, regulatory, and technology trends are transforming the banking industry. In addition to federal actions on interest rates, taxation, and regulations, the industry is experiencing dramatic change in the competitive environment. These new tax laws, accounting rules, and risk strategies are challenging audit committee members to be more engaged than ever before. Our goal with this publication is to provide you a high-level review of current concerns facing audit committees for banks.

In particular, tax reform is a key issue for most companies right now. Provisions such as the reduction in the corporate rate, the FDIC premium deduction phase out, deemed repatriation of earnings held overseas, Base Erosion Anti-Abuse Tax (BEAT), and others will have an impact on planning for financial institutions. More information on this pivotal issue is provided in the following chapter on tax reform.

Download our 2018 Audit Committee Outlook for Banking to understand how recent and near-future developments impact corporate financial reporting and disclosure.