What’s changing and how are audit committees responding?
The audit committee agenda was once the sole province of audit matters and technical accounting discussions. Those days are gone, as ACs face a rapidly evolving oversight environment and must deal with a range of new challenges and risk responsibilities.
As their risk mandate grows and diversifies, for example, ACs are bringing in specialization for areas only peripherally connected to finance, such as social media and cyber security.
At the same time, with mounting pressures and workloads, ACs are looking for more from auditors than an opinion on financial statements. They’re having more in-depth conversations with auditors and seeking information that’s more concise and issue-oriented.
With ACs striving to find their footing in this changing audit world and auditors looking to support them through enhanced audit value, KPMG’s global audit team contributes an insightful new report to the conversation: Audit Trends: What’s changing and how are audit committees responding.
Examining five key areas AC members should focus on prior to their next audit—IT risk, regulatory change and management, globalization, the annual external reporting suite, and internal evaluation and controls—this report is a critical tool and reference point for AC members and concerned audit stakeholders across the board.
Please download Audit Trends: What’s changing and how are audit committees responding? at your convenience and get the targeted audit perspectives you’ve been asking for.