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On the 2018 Audit Committee Agenda

On the 2018 Audit Committee Agenda

Financial reporting, compliance, and the risk and internal control environment will continue to be put to the test in 2018 - by slow growth and economic uncertainty, technology advances and business model disruption, cyber risk, greater regulatory scrutiny and investor demands for transparency, as well as dramatic political swings and policy changes in the UK, U.S. and elsewhere.


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On the 2018 audit committee agenda

Drawing on insights from our recent survey work and interactions with audit committees and business leaders over the past 12 months, we’ve highlighted nine items that audit committees should keep in mind as they consider and carry out their 2018 agendas:

  • Stay focused on job No. 1—financial reporting integrity;
  • Financial reporting quality starts with the CFO and the finance organization; maintain a sharp focus on leadership and bench strength;
  • Monitor implementation plans and activities for major accounting changes on
    the horizon —particularly the new revenue recognition and lease international accounting standards;
  • Monitor the impact of the business and regulatory environment, as well as tone at the top and corporate culture, on the company’s compliance programmes;
  • Focus internal audit on the company’s key risks, beyond financial reporting and compliance;
  • Continue to reinforce the audit committee’s direct responsibility for the external auditor;
  • Give non–GAAP financial measures a prominent place on the audit committee agenda;
  • Engage in early and open communication with the auditor on the new enhanced audit reports;
  • Make the most of the audit committee’s time together - effectiveness requires efficiency.

Also see On the 2018 Board Agenda for a wider discussion of upcoming governance matters.


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