Managing in turbulent times - Financial markets and economy - Ernst & Young - Singapore

The US Securities and Exchange Commission (SEC) hosted the second of two roundatables focused on fair value as used by financial institutions. The roundtables are public hearings intended to provide the SEC with insights from investors, companies and other market participants affected by the current market conditions. This latest roundtable centered on whether potential improvements to existing fair value accounting standards are warranted (pdf, 490kb).

This issue of BoardMatters Quarterly, "Managing risk in the current climate" (pdf, 610kb), is dedicated to helping audit committees identify, prepare for and protect against the key risks their companies may face during these strenuous times.

This update on major accounting and auditing activities focuses on the two SEC roundtables on fair value accounting and the effect of the current economic environment (pdf, 229kb). From Ernst & Young's Hot Topic, 21 November 2008.

Not surprisingly, audit committee agendas and discussions have changed focus drastically due to the financial crisis. The economic downturn demands additional audit committee scrutiny (pdf, 88kb) in many areas. Read on to find out what these concerns are and how company boards are dealing with them.