Year-end accounting and financial reporting considerations: Questions for audit committees to consider has been saved
Year-end accounting and financial reporting considerations: Questions for audit committees to consider
On the audit committee's agenda, December 2020
On the audit committee's agenda is a new series of periodic audit committee-focused publications that examines topics impacting the audit committee’s responsibilities and priorities through perspectives from Deloitte subject matter specialists.
The current business and economic landscape is unprecedented. With little to no warning, companies have had to adjust to a variety of challenges, including supply chain disruptions, government-mandated shutdowns, implications of the CARES Act, working remotely, and more. While companies have managed through these challenges for the past several months, this year-end close may be like no other as those issues continue to evolve and new challenges arise.
This continued uncertainty in the business environment, combined with increasing the complexities and risk, will require a high degree of judgement as companies approach the year-end reporting cycle. Not surprisingly, audit committee oversight will be critical.
The enclosed publication highlights how audit committees may want to discuss management’s approach and conclusions to 10 common topics during the year-end reporting cycle.