Today’s audit committee is tasked with an overwhelming amount of responsibility.

This issue of BoardMatters Quarterly shares how some audit committees are managing their workload and getting things accomplished. We also take a look at audit committee charters to see how audit committees are governing themselves, and we discuss the possible benefits and considerations related to using outside advisors to help with complex issues and challenges.

Finally, we review the current regulatory landscape and possible changes to the financial reporting process.

In this issue

• Audit committees: going beyond the ordinary
  We explore how some audit committees are handling increased responsibilities and what methods they’re using to deal with complex and time-consuming issues.
• What’s in your charter?
  A review of audit committee charters for 92 of the largest publicly traded companies shows similarities and possible opportunities for improvement.
• Engaging advisory boards
  A lack of certain expertise on the board is leading some to turn to outside advisory boards for help, but there are some important factors to consider.
• Regulatory activity and possible financial reporting changes
  Recent proposals and activities may change the financial reporting process for the audit committee, management and the independent auditor.

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