Prioritizing a bank’s heavy audit committee agenda is never easy, and 2020 – with new industry developments on the horizon – will be particularly challenging.

Drawing on insights from several KPMG studies, along with our professionals’ frequent interactions with banks’ audit committee members and senior management, we have flagged a series of issues that we recommend audit committees keep in mind as they consider and carry out their 2020 duties:

• Take control of the audit committee’s agenda.
• Reinforce audit quality and set clear expectations for the external auditor.
• Understand the impact that technology is having on the finance organization’s talent, efficiency, and value.
• Focus on “Day 2” impacts of the Current Expected Credit Losses (CECL) standard.
• Redouble focus on the company’s ethics, compliance, and whistleblower programs.
• Help to ensure that internal auditors’ focus is guided by an appropriate risk assessment.
• Scan the horizon for emerging issues.

To read more about the banking industry audit board agenda, download the full report.