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On the 2016 Audit Committee Agenda

On the 2016 Audit Committee Agenda

Six things for audit committees to keep in mind as they consider and carry out their 2016 agendas.

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On the 2016 Audit Committee Agenda

Prioritizing a heavy audit committee agenda is never easy, and 2016 will be particularly challenging given the level of global volatility and uncertainty—e.g., commodity prices, interest rates, currency fluctuations, emerging market growth, geopolitical risks—as well as a technology advances disrupting established industries and business models.

Drawing on insights from our latest survey work and interactions with audit committees and business leaders over the past 12 months, we’ve highlighted six things that audit committees should keep in mind as they consider and carry out their 2016 agendas:

  • Maintain (or regain) control of the committee’s agenda.
  • Quality financial reporting starts with the CFO and finance organization; maintaining a sharp focus on leadership, succession planning, and bench strength is critical.
  • Monitor fair value estimates, impairments, and judgments of key assumptions underlying other critical accounting estimates.
  • Assess the company’s readiness for the FASB’s new revenue recognition standard and for new country-by-country tax reporting.
  • Reinforce audit quality and set clear expectations for the external auditor.
  • Consider how the company’s disclosures can better tell the company’s story—and the audit committee’s.

 

Also see On the 2016 Board Agenda for a wider discussion of upcoming governance matters. 

© 2020 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in China, KPMG, a Macau partnership and KPMG, a Hong Kong partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited  ("KPMG International"), a private English company limited by guarantee. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

 

For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.

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