On the 2018 audit committee agenda | KPMG | BM
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On the 2018 audit committee agenda

On the 2018 audit committee agenda

We’ve highlighted seven items that audit committees should keep in mind as they consider and carry out their 2018 agendas.

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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 U.S., UK, and elsewhere.

Focused, yet flexible agendas—exercising judgment about what does and does not belong on the committee’s agenda, and when to take deep dives—will be critical.

Drawing on insights from our recent survey work and interactions with audit committees and business leaders over the past 12 months, we’ve highlighted seven 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 management’s progress on implementing FASB’s revenue standard and other accounting changes on the horizon, and stay apprised of tax legislative and regulatory developments.
  • Focus internal audit on the company’s key risks, beyond financial reporting and compliance.
  • Reinforce audit quality and transparency.
  • Monitor the impact of the business and regulatory environment, as well as tone at the top and corporate culture, on the company’s compliance programs.
  • Make the most of the audit committee’s time together—effectiveness requires efficiency. 

<p>© 2018 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.</p> <p>KPMG International Cooperative (“KPMG International”) is a Swiss entity. &nbsp;Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.</p> <p>&nbsp;</p>

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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