On the 2016 audit committee agenda

On the 2016 audit committee agenda

Drawing on insights from our latest surveys, we've highlighted six items for audit committees to keep in mind.


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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., the geopolitical environment, commodity prices, interest rates, currency fluctuations, slowing growth in emerging markets as well as technology advances disrupting established industries and business models. Drawing on insights from our latest surveys and interactions with audit committees and business leaders over the past 12 months, we've highlighted six items for audit committees to keep in mind as they consider and carry out their 2016 agendas:

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

© 2017 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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