Our series takes a look at items that could have a significant impact in the coming year.
Keeping you current on key issues
Tax provision complexity requires audit committee members to be proficient enough to help manage tax risk and talk tax with staff and the auditor.
Audit Committee Spotlight: Is your organization prepared for Brexit?
The recent Brexit vote has created significant uncertainty for U.S. entities with ties to the UK and the EU. Whether an organization has British or EU customers or operations, a range of potential questions and risks come to mind. Audit committees should seek reassurance that their organization is prepared for this shake-up in the business environment. Does management fully understand how the vote to leave the EU will affect the organization (e.g., regulatory effects, buffers against risks and potential costs)? Is the organization prepared for what may happen in the future?
Audit Committee Spotlight: The audit committee's role in cybersecurity
Cybersecurity is a daunting arena, so audit committees should educate themselves about cyberrisks in the same way they educated themselves about addressing risks as required by the Sarbanes-Oxley Act or drastic changes to a given market or product. Specifically, audit committees should become aware of their obligations and ask probing questions about the control environment that may jeopardize those obligations.
Audit committee composition and cyber risk
Trent Gazzaway, National Managing Partner of Professional Standards, discusses cyber risk and optimal audit committee composition in a recent two-part NYSE Corporate Governance Services This Week in the Boardroom video series.
Buy the Audit Committee Handbook, Fifth Edition, for hands-on,in-depth guidance about all audit committee functions and responsibilities.
Consider these 5 questions relative to both your current and prospective audit firms in the selection process.
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