In today‘s dynamic environment, it is critical for audit committee members to assess current processes and responsibilities to add value for their organization, as well as ensure the audit committee’s oversight role is carried out using principles of good governance.
The new Audit Committee Guide – Canadian Edition from our Board Leadership Centre can help audit committee members keep abreast of how to discharge their duty effectively. It provides timely, relevant, and trusted guidance, offering fundamental frameworks and insights to benefit both new and seasoned audit committee members.
From environmental, social and governance (ESG) reporting, and the speed of technological change including cybersecurity to other emerging complexities, audit committees need to remain current and equipped for change. To do so, audit committee members, and those they work with, need to allocate time for robust discussion and, perhaps most importantly, to understand the tone, culture and rhythm of their organization.
Drawing on insights and learnings from KPMG's interaction with thousands of audit committee members, audit and governance professionals, and business leaders in more than 40 countries worldwide, the guide delves into the challenges and leading practices shaping audit committees today.
Key topics covered in this guide include:
- Guiding principles
- An overview of regulations and guidelines relevant for public company audit committees
- Building and sustaining an audit committee
- Monitoring the corporate reporting process, including ESG reporting
- Risk management and internal control systems
- Fraud and misconduct
- Internal and external audit
This guide is supplemented with appendices that provide practical support to audit committee members.