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Quarterly update for audit committees

Find out how audit committees can prepare for 2024 Q1 reporting

This quarterly update for audit committees provides a summary of key developments related to risk, financial reporting and regulatory matters. For Q1 of 2024, audit committees continue to keep a close eye on impacts arising from ongoing geopolitical instability and economic uncertainty.

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.

Reports from previous quarters

What audit committees should prioritize in 2024

2023 Q3 reporting update for audit committees

2023 Q2 reporting update for audit committees


As the first quarter of 2024 closes, audit committees are keeping an eye on ongoing geopolitical instability and economic uncertainty. 

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