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

Disclosure effectiveness: What companies can do now

Making business and financial disclosures more effective is a focus for regulators and standard setters. We share leading practices and practical steps to make companies’ year-end disclosures more meaningful, which audit committees may find useful.

Insights from audit committee chairs

The latest edition of VantagePoints provides an overview of topics discussed in recent Tapestry and EY regional audit committee networks including the ingredients for a successful internal audit, transitioning to the revised COSO framework for internal controls, tackling cybersecurity risk through public-private collaboration and analyst perspectives on financial reporting.

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.

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.