Audit committee resources

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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

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.

SEC vision and priorities

Our recent report offers a summary of remarks made by the Chair of the US Securities and Exchange commission.

Our ongoing commitment to audit quality

We recognize and embrace the responsibility that has been entrusted to us as independent auditors and invite audit committees to read this update on our commitment to executing quality audits.