Audit committee resources
The importance of the audit committee
The audit committee's role is critical to the governance of the organization through its oversight of the financial reporting process. The member's role demands significant time and attention in addressing multiple risks and critical issues.
The committee is responsible for ensuring that the financial reporting process is credible, controlled and reliable, and that the company's financial reporting is transparent, consistent and accurate.
How we engage with audit committees
- Our library provides information on evolving issues and current topics of interest for audit committees including technical and regulatory updates, emerging audit committee interests and concerns and risk oversight.
- EY supports several Audit Committee Networks that include audit committee chairs representing some of North America's leading companies. They are committed to improving the performance of audit committees and helping to enhance trust in the financial markets. Visit our library to read the latest ViewPoints from the network meetings.
- Our guide for audit committees provides an overview of the role, questions to consider and tools such as an example charter, a self-evaluation, a meeting planner and more.
- Financial reporting guidance and information on proposed and final guidance from standard setters is provided on AccountingLink (first time users must register).
Featured items of interest for audit committees
Audit committee considerations for the new revenue standard
Audit committees have an important role to play in overseeing companies as they implement the new standard. EY’s recent To the Point provides an overview of what audit committees need to know. Read a full overview of the joint revenue standard. Please note: first time AccountingLink visitors will need to register.
Audit committee views on cybersecurity and activist investors
The Audit Committee Leadership Network met to discuss the current cyber landscape, evolving company responses and working with the government to mediate risks. They also discussed how to prepare for and respond to a challenge from an activist investor and how to work with an activist board member.
Leading practices for audit committees
As an audit committee member, your role is increasingly complex and demanding. We share some leading practices to consider as you carry out your role.
A call for enhanced audit committee disclosure
The Center for Audit Quality and other corporate governance and policy organizations recommend that audit committees of public companies enhance public disclosures to better inform investors and the public about how they fulfill their duties.