Perspectives

Audit Committee Brief

Audit Committee Brief is a quarterly newsletter of key regulatory, technical, and professional developments in corporate governance and accounting.

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Subscribe to receive Audit Committee Brief via email. Archives are available on the Deloitte Center for Corporate Governance site.

Internal Audit: Moving beyond Sarbanes-Oxley Compliance

September/October 2014

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

August 2014

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

July 2014

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.

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