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With the Pillar Two Global Anti-Base Erosion rules issued by the Organisation for Economic Co-operation and Development Global Minimum tax regime being effective beginning 1 January 2024 in many countries, companies are incorporating estimates of the impact into their Q1 Estimated Annual Effective Tax Rates for the first time and will be watching for other countries to enact throughout the year.
The adoption of the final SEC climate disclosure rules is also garnering a lot of attention, as companies will need to start preparations toward compliance with the new reporting requirements and develop related internal controls and disclosure controls and procedures. Meanwhile, the newly released updated cybersecurity framework from the National Institute of Standards and Technology along with the new global internal audit standards released by the Institute of Internal Auditors may also be topics on this quarter’s audit committee agenda.