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Audit Committee Brief

Overview of 2020 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.

December 2020

  • On the audit committee’s agenda | Year-end accounting and financial reporting considerations: Questions for audit committees to consider
  • On the board’s agenda | US: Time to act—Applying discretion to outstanding incentive awards in the era of COVID-19
  • AICPA conference focuses on regulatory developments
  • The CFO guide to data management strategy using enterprise service delivery
  • Nasdaq proposes mandatory board-diversity for listed companies
  • SASB and IIRC merger targets simplify sustainability disclosures
  • The PCAOB aligns auditor independence requirements with the SEC
  • SEC amends guidance on MD&A and related financial disclosures
  • Evolution of human capital management disclosures in light of Regulation S-K
Audit Committee Brief - December 2020

November 2020

  • On the Audit Committee’s Agenda: Defining the Role of the Audit Committee in Overseeing ESG
  • CFO Journal: Current challenges and priorities for audit committees
  • The CAQ releases The Role of Auditors in Company-Prepared Cybersecurity Information: Present and Future
  • The PCAOB releases an interim analysis of the impact of CAM requirements
  • The PCAOB releases resource for audit committees on new audit requirements
  • SEC adopts amendments to auditor independence rules
  • SEC modernizes the exempt offering framework
Audit Committee Brief - November 2020

October 2020

  • On the Audit Committee’s Agenda: Audit committee challenges and priorities in the upcoming quarter and beyond
  • Audit committee expectations of internal audit 
  • The CAQ releases 2020 Audit Committee Transparency Barometer
  • The CAQ releases The Role of Auditors in Non-GAAP Financial Measures and Key Performance Indicators: Present and Future
  • The impact of COVID-19 on the quality of disclosures 
  • Skepticism is critical in assessing the potential for fraud
  • Recent developments in ESG reporting and disclosures 
  • PCAOB releases a staff update with 2019 inspection insights 
  • SEC modernizes the shareholder proposal rule
Audit Committee Brief - October 2020

September 2020

  • COVID-19-related financial reporting trends
  • The PCAOB extends inspection window to better assess the impact of the coronavirus on audit quality 
  • On the board’s agenda | US: The workforce takes center stage—The board’s evolving role
  • SEC adopts amendments to Regulation S-K 
Audit Committee Brief - September 2020

August 2020

  • PCAOB in conversation with audit committee chairs
  • Effective stakeholder communications during the pandemic
  • On the board’s agenda | US: Leadership in turbulent times: Better foresight, better choices
  • CECL disclosure observations on first-quarter filings
  • SEC adopts amendments concerning proxy voting
Audit Committee Brief - August 2020

July 2020

  • Special edition Audit Committee Brief: Audit committee priorities in the current quarter and beyond
  • On the board’s agenda | US: ESG and corporate purpose in a disrupted world
  • CAQ interviews the SEC chief accountant
  • Risks to consider for upcoming audits
  • Recent SEC statements on the impact of COVID-19
Audit Committee Brief - July 2020

July 2020 - Special edition

Audit committee priorities in the current quarter and beyond

Financial reporting during the first quarter of the coronavirus disease 2019 (“COVID-19”) pandemic was challenging for most companies. Reporting for the second quarter promises to be even more so given the prolonged impact of the pandemic. As companies continue to grapple with the implications of managing operations remotely, supplier disruptions, government assistance, and more, audit committee oversight will be critical to applying lessons learned thus far to the current quarter. Continued challenges around financial reporting, risk oversight, critical audit matters (“CAMs”), and compliance and fraud risk could impact the audit committee’s focus. Therefore, it may be an opportune time for audit committees to reassess their processes and practices to confirm they support the current and future demands of the committee.

This special edition of the Audit Committee Brief discusses the audit committee’s role in overseeing financial reporting and risk and includes questions to consider. It also explores how audit committees have shifted their processes to operate effectively in this environment.

Audit Committee Brief July 2020 - Special edition

June 2020

  • COVID-19-related financial reporting challenges
  • Webcast: Audit committee priorities during times of disruption
  • PCAOB to host a webinar for audit committee members
  • PCAOB inspection reports redesigned to enhance readability and transparency
  • Guidelines for audit committees during COVID-19
  • Audits involving cryptoassets
  • On the board’s agenda | US: What the board needs to know about blockchain technology
  • SEC rule improves disclosures for business acquisitions and dispositions
Audit Committee Brief - June 2020

May 2020

  • COVID-19 resources site keeps business leaders informed
  • Webcast: Audit committee priorities during times of disruption
  • Report details audit committee disclosures of critical audit matters
  • Changes made to the use of XBRL in digital financial reporting
  • The SEC and PCAOB emphasize risk disclosures for companies in emerging markets
  • PCAOB requests comment on CAMs
  • FASB provides guidance on cash flow hedge accounting during pandemic
Audit Committee Brief - May 2020

April 2020

  • Special edition Audit Committee Brief: Accounting and financial reporting considerations for audit committees regarding COVID-19
  • Highlights of the CARES Act
  • PCAOB highlights reminders to assist auditors 
  • CAQ releases a resource guide on audit and audit committee considerations
  • Assessing corporate culture to manage risk and avert misconduct
  • SEC’s chairman Jay Clayton and director William Hinman emphasize the importance of disclosure 
  • SEC expands qualifications for nonaccelerated filer status
  • FASB decides to defer certain effective dates and provides guidance on COVID-19 
Audit Committee Brief - April 2020

April 2020 - Special edition

Accounting and financial reporting considerations for audit committees regarding COVID-19

This special edition Audit Committee Brief focuses on the accounting and financial reporting implications that may result from the pandemic and includes audit committee considerations, as well as questions they can ask management.

Audit Committee Brief - April 2020 special edition

March 2020

  • Coronavirus Disease 2019 (COVID-19) developments, impact, and updates
  • On the board’s agenda | The atmosphere for climate-change disclosure
  • Restatements are declining while audit quality is improving 
  • Investor perspectives and decisions are evolving 
  • Regulators and Big Four accounting firms discuss audit quality in emerging markets and coronavirus
  • SEC proposes amendments to the exempt offering framework
Audit Committee Brief - March 2020

February 2020

  • The International Business Council discusses Big Four reporting sustainability at the World Economic Forum
  • Climate-driven financial risks are hard to ignore
  • BlackRock and State Street CEOs release letters on sustainability 
  • SEC proposes rule to modernize MD&A and related financial disclosure requirements
Audit Committee Brief - February 2020

January 2020

  • On the board’s agenda | US: The strategic audit committee: A 2020 preview
  • Governing through regulatory change
  • SEC leaders discuss topics for audit committee focus in the new year
  • PCAOB shares perspectives from audit committee chairs
  • AICPA conference focuses on regulatory developments
  • CII explores initial CAM disclosures
  • PCAOB shines a light on critical audit matters
  • How auditors play a role in company-prepared information
  • PCAOB seeks input on revising quality control standards
  • SEC proposes amendments to the auditor independence framework
Audit Committee Brief - January 2020

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