Top Issues for Audit Committees in 2014

Risk & Compliance Journal

The demands on audit committees are expanding. At the same time, their primary responsibility to oversee management’s activities, including financial reporting and compliance, remains fundamental to corporate governance. It can be challenging for audit committees to focus on their traditional core duties while staying up to date on emerging issues such as cybersecurity, proposed regulatory changes, and international developments.

The following are several issues audit committees may wish to focus on in 2014:

  • Updated COSO Framework
  • Cybersecurity
  • Proposed Auditors Reporting Model
  • PCAOB Auditing Standard No. 16, Communications with Audit Committees
  • Foreign Corrupt Practices Act
  • Tax Reform and Regulatory Authority Spotlight
  • Risk Oversight
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