Audit Committee Brief
Audit Committee Brief is a quarterly newsletter of key regulatory, technical, and professional developments in corporate governance and accounting.
Internal Audit: Moving beyond Sarbanes-Oxley Compliance
Among the most common expectations of internal audit is to gain assurance on financial controls, the reliable execution of audit plans, and coordination with the external auditor. But given the lack of specific guidelines or requirements regarding internal audit’s responsibilities, there is a broad range of practice based on organizational needs, structure, and culture. Audit committees can play an important role in confirming the whole organization is on the same page regarding the goals for internal audit, and in providing a strong avenue of communication for the chief audit executive to share concerns and perspectives. This issue of the Audit Committee Brief focuses on the evolving role of the internal audit function, and provides considerations for how audit committees can effectively work with management and internal audit to maximize the value of the function in the context of a company’s specific circumstances.
Finance Talent: Building Sustainable Leadership
The competition for top-performing finance talent remains strong. Effectively identifying and onboarding senior finance professionals, monitoring their career development, and managing the pipeline of future leaders can help sustain an organization’s success. Executive succession and development are often the responsibility of the full board. However, the audit committee may consider becoming involved in overseeing the finance organization, keeping the quality and reliability of financial accounting and reporting and related controls at the forefront.
Update on Regulatory Issues Affecting Audit Committees
Audit quality, transparency, auditor retention, and other financial reporting matters relevant to audit committees have been on regulators’ agendas in recent months. The SEC, PCAOB, and other regulatory bodies are actively soliciting the audit committee’s views on various topics and initiatives, and have released a variety of publications, communications, and resources targeted to committee members. This issue of the Audit Committee Brief discusses recent domestic and international regulatory developments that are likely to affect audit committees, and includes links to a variety of resources for further information.
Life at Deloitte
People make Deloitte one of the best places to work. What’s great about the people? That’s an easy answer. They are exceptional. Each person is unique and valued for that, among the best and brightest in the business, and takes pride in his or her achievements and the success of others.