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Audit Committee Brief

Overview of all 2015 newsletters

Audit Committee Brief is Deloitte's publication for audit committee members. It provides recommendations, overviews of corporate governance resources, regulatory and legislative environment outlooks and technical updates.

Issue 12 - December 2015

This issue of the Audit Committee Brief includes highlights on the following topics: 

  • Highlights of the 2015 AICPA Conference on current SEC and PCAOB developments
  • Prepping the audit committee for the 2016 proxy season
  • Highlights from Deloitte’s 2015 Audit Committee Symposium
  • IIA report highlights internal audit performance measures 
  • Communications, relationships key to audit committee success
  • Transforming the annual audit with technology
  • New corporate anti-inversion rules announced
  • A summary of the November 12-13 meeting of the PCAOB’s Standing Advisory Group
  • FAST Act makes changes to JOBS Act and SEC disclosure requirements
Download the December 2015 edition

Issue 11 - November 2015

This issue of the Audit Committee Brief includes highlights on the following topics:

  • Audit committee disclosure trends in 2015
  • SEC chief accountant discusses issues facing audit committees 
  • Compliance risk assessments: The third ingredient in a world-class ethics and compliance program
  • Related-party transactions for 2015 audits 
  • Eighteen safeguards to an audit committee’s investigation of financial reporting 
  • SEC comment letters - Including industry insights: What “Edgar” told us 
  • FASB to issue leasing standard 
  • Highlights from the FASB’s November 2 meeting
  • SEC announces enforcement results for FY 2015
  • SEC issues final rule on crowdfunding
  • PCAOB highlights deficiencies in the application of its risk assessment standards
  • IASB publishes proposed practice statement on materiality
Download the November 2015 edition

Issue 10 - October 2015

This issue of the Audit Committee Brief includes highlights on the following topics:

  • PCAOB outlines inspection focus for 2015
  • 2015 audit considerations
  • Importance of focusing IT and cybersecurity control discussions on risk
  • SEC chief accountant speaks on convergence
  • PCAOB Dialogues podcast focuses on audit quality indicators
  • IIA asks the SEC to require internal auditors at all public companies
  • The Center for Audit Quality’s ninth annual Main Street Investor Survey shows investor confidence 
  • SEC requests comments on the effectiveness of certain disclosure requirements in Regulation S-X
  • FASB proposed ASU would state that omissions of immaterial disclosures are not accounting errors
  • PCAOB publishes latest standard-setting agenda
Download the October 2015 edition

Issue 9 - September 2015

This issue of the Audit Committee Brief includes highlights on the following topics:

  • The Deloitte Audit, fueled by innovation
  • Internal audit’s role in managing technology risks
  • Year 2 conflict minerals reporting and the independent private-sector audit
  • Gaining insights from recent SEC enforcement actions
  • PCAOB explores further guidance on the work of audit specialists
  • What audit committees want from CFOs
  • FASB proposes amendments to revenue guidance on principal-versus-agent considerations
  • IASB launches second agenda consultation
  • Comment period ends on SEC concept release on audit committee disclosures
Download the September 2015 edition

Issue 8 - August 2015

This issue of the Audit Committee Brief includes highlights on the following topics:

  • PCAOB notes improvements in internal control over financial reporting audits
  • SEC proposes clawback rule
  • SEC confirms scope of whistleblower protections
  • New IIA Research Foundation report outlines imperatives for internal audit
  • SEC approves CEO pay ratio disclosure requirements 
  • FASB simplifies inventory measurement
  • IASB proposes clarifications to revenue recognition standard
  • IAASB amends auditing standards to enhance focus on financial statement disclosures
Download the August 2015 edition

Issue 7 - July 2015

Audit Committee Brief focuses on the timely coverage of issues and insights important to audit committees. This month's edition includes:

  • SEC and PCAOB take steps to enhance audit committee and auditor disclosures
  • How artificial intelligence can boost audit quality
  • COSO suggests three lines of defense to manage internal controls
  • New revenue recognition standards raise questions for the IRS
  • Internal auditors get a revised global framework to govern professional practice
  • SEC proposes executive compensation clawback rule
  • FASB decides to defer new revenue standard for one year
  • PCAOB’s Standing Advisory Group discusses standard-setting activities
Download the July 2015 edition

SEC issues concept release concerning audit committee reporting requirements

July 2015 - Special edition

Following an increased focus on audit committee disclosure, the SEC issued a concept release on July 1, 2015, titled Possible Revisions to Audit Committee Disclosures. The concept release seeks comment on the audit committee’s responsibility for overseeing the independent auditor, among other related topics. This special edition of the Audit Committee Brief discusses the SEC’s concept release and the specific requests for comment.

Download the July 2015 Special edition

June 2015

This issue of the Audit Committee Brief includes highlights on the following topics:

  • Audit committees are key to communications concerning internal controls
  • External auditor assessment tool for audit committees is released
  • The proper place for board-level risk committees
  • Chief compliance officer role expands, says recent survey
  • Standard-setting will be the focus of the PCAOB’s June Standing Advisory Group meeting 
  • PCAOB issues paper on use of the work of specialists
  • Enhanced conceptual framework is the subject of IASB exposure draft 
  • SEC staff releases analysis related to the pay ratio rule
Download the June 2015 issue

May 2015

The May edition of this newsletter highlights:

  • PCAOB provides inspections insights in the first of a series of planned communications to audit committees
  • PCAOB speech discusses audit committee responsibilities and qualifications, including the need for financial expertise
  • PCAOB inspections and the relationship to audit quality
  • Mary Jo White reflects on the SEC’s Whistleblower Program
  • SEC chief accountant discusses IFRS in speech
  • SEC proposes new rules on pay-versus-performance and cross-border swap transactions
  • FASB and IASB propose to defer effective date of new revenue standard
  • IAASB revised auditing standard requires auditors to read “other information” in annual reports
Download the May 2015 issue

April 2015

Topics discussed in this issue are:

  • FASB tentatively defers new revenue standard
  • IIA and CAQ report tackles how to enhance interactions among the internal and external auditors and the audit committee
  • The audit of the future
  • PCAOB speech emphasizes important roles of internal audit and the audit committee
  • Update of Deloitte's Audit Committee Resource Guide
  • PCAOB updates its standard-setting agenda
  • FASB amends its consolidation model
Download the April 2015 issue

AQIs: Measuring quality through metrics

February-March 2015

The idea of establishing measures of audit quality that can be used by stakeholders in the audit process—including audit committees—has been discussed since at least 2008. This year promises to be a significant one for this topic, as there are several active projects focused on the question of whether metrics that provide insight into audit quality (often referred to as audit quality indicators or AQIs) can be developed. The goals of these projects are for all stakeholders in the audit process to be aware of and agree on the fundamental elements that contribute to a quality audit, and to spur productive dialogue among the various stakeholders on how to support and enhance audit quality.

Download the February 2015 issue

Highlights from the AICPA’s 2014 conference on current SEC and PCAOB developments

January 2015

Audit quality initiatives, internal control over financial reporting, disclosure effectiveness, standard-setting initiatives, and IFRS were frequent topics of discussion at the 2014 AICPA conference. SEC staff and members of the PCAOB, FASB, and IASB provided updates on recent developments and offered a glimpse into their rulemaking and initiatives for the coming year. This issue of the Audit Committee Brief highlights topics and insights from the conference that were particularly relevant to audit committees and provides links to additional resources for further information.

Download the January 2015 issue
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