Directors’ Series for audit committees broadcast

The audit committee’s oversight role has never been more important nor more challenging.
 

As businesses are called to demonstrate they create value for society as well as shareholders, and as the economic outlook continues to be unusually uncertain, the transparency and reliability of companies’ key messages to their stakeholders must be paramount. Much of that transparency and reliability depends on the quality of their financial reporting and disclosures.

Audit committees are responsible for overseeing that quality. They also govern key risk areas, including cybersecurity, volatile economic conditions, and environmental, social, and governance (ESG) reporting. These core responsibilities are becoming increasingly complex, while scope creep from within their organizations is adding yet more work.

In November 2022, our Directors’ Series broadcast featured a discussion about pressing issues that are facing audit committees in the 2022 year-end and beyond.

It focused on providing solutions for audit committees for navigating various complexities in their discussions with the board and with management to meet year-end reporting requirements and to mitigate the risks raised by evolving standards.

Topics that were discussed:

• Audit quality, including the evolution of audits, independence, and recent inspection results
• Emerging risks in cybersecurity, greenwashing, and fraud
• Impact of the current economic environment on forward-looking information and on judgments and estimates
• Recent regulatory developments in sustainability and ESG
   

Moderated by:
Richard Olfert, Deloitte Canada partner and chair of the CPA Board of Directors

Panellists:
Carol Paradine, FCPA, FCA, and CEO of the Canadian Public Accountability Board (CPAB)
Cameron L. McInnis, Chief Accountant, Ontario Securities Commission (OSC)
Shania John, Economist, Economic Advisory, Deloitte Canada