CECL, blockchain and LIBOR require board attention

2020 Banking Audit Committee Outlook

 

Where should bank audit committees focus in 2020?

 

CECL means major accounting changes. Blockchain raises new questions. And LIBOR adds another major challenge.

 

What’s in the report ?

  • Impact of CECL and considerations for documentation and internal controls
  • Key considerations about blockchain developments and third-party exposure
  • Action steps to identify LIBOR exposures and prevent new ones
 
 

“For most banks, CECL is now effective. Blockchain presents new internal controls challenges. LIBOR transition is a massive effort. What should audit committees be asking?”