BoardMatters Quarterly, June 2010 - Ernst & Young - United States

This edition of BoardMatters Quarterly, “Spotlight on tax and health care reform,” helps audit committees address the following issues:

• What does the audit committee need to know about health care reform? Overhauling the entire US health care system will affect employers of every size and in every industry.
• How will health care reform affect the postretirement health care liability? The legislation requires changes to how companies record postretirement benefit liabilities and some companies may decide to amend their plans.
• Driving ethical growth — new markets, new challenges. Ernst & Young’s 11th Global Fraud Survey explores perspectives on fraud, bribery and corruption concerns. The findings make interesting reading for audit committees.
• The Public Company Accounting Oversight Board’s (PCAOB) proposed standard on communications between the auditor and audit committee. Focusing on communications demonstrates the PCAOB’s desire to strengthen communications between the auditor and audit committee
• Audit committees are devoting more time to tax risks. Global governments are viewing tax revenues as a way to fix countries affected by the financial crisis. What does increased enforcement mean for the audit committee?