Special Edition Audit Committee Brief

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.

Back to top

April 2020—Special Edition

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

The impact of COVID-19 can be profound as companies face a variety of risks while navigating through shifting priorities and business activities. During these unprecedented times, it’s imperative that audit committees work closely with management to understand these risks and to oversee the impact they may have on financial statements and related reporting.

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, in the following areas:

• SEC relief
  
• Financial reporting and disclosure consideration
  
• Accounting implications
  
• Internal control over financial reporting

Back to top