2019 audit committee outlook for manufacturing

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Man performing quality checkManufacturers face a dramatically changing world in 2019. Trade and tariffs; rising material, labor and transportation costs; cyber and data privacy, critical audit matters, tax reform and financial function transformation are on the table. This report examines all these issues.

Tax reform continues to drive significant change that directors need to consider for 2019. Provisions in the tax bill and subsequent proposed IRS regulations affect manufacturers. But the sector is poised for even greater growth in 2019 due to the advantageous provisions of the bill, especially the lower corporate tax rate. Lower taxes and reduced regulation should help the industry grow and innovate. Manufacturers generally have reason to be optimistic despite continuing issues such as a shortage of skilled labor, the threat of cyberattacks, tariff/trade disruption and the need to advance technology.

At the same time these new laws, along with accounting standard changes and constantly shifting risk strategies, are challenging directors to be more engaged than ever. Grant Thornton’s audit committee outlook for manufacturing companies is intended to help you learn more about developments related to your role. Our goal is to provide you a high-level review of current accounting and tax concerns facing this sector in order to help you focus on areas that may need increased oversight and engagement with management.

Download our 2019 Manufacturing Audit Committee Outlook to understand how recent and near-future developments will impact accounting, financial reporting and financial statement audits.