2 minute read 15 Jan 2019
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How to prepare your audit committee for 2018 year-end discussions

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US Americas

Multidisciplinary professional services organization

2 minute read 15 Jan 2019

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In this webcast, leaders in the field help audit committees assess their 2018 performance.

Is your audit committee prepared for 2018 year-end discussions?

In 2018, audit committees played a vital role in navigating evolving oversight challenges and stakeholder expectations related to new accounting standards, tax reform implementation, trade policy shifts, technology’s impact on a company’s risk profile and finance function, and regulatory developments concerning cybersecurity disclosures and the auditor’s reporting model. To help audit committee members prepare for upcoming year-in-review discussions with the board, management and its auditors, we invited EY leaders to discuss their perspectives on developments affecting audit committees.

Listen to an insightful discussion on audit committee effectiveness, financial reporting highlights, tax developments, regulatory matters and risk management challenges. Our panel includes:

  • Paul Beswick, EY Assurance Partner
  • Amy Brachio, EY Global and America’s Advisory Risk Leader
  • Angela Evans, Director, EY Tax Accounting and Risk Advisory Services
  • Chris Holmes, EY National Director of SEC Regulatory Matters

Better questions for boards webcast series

2018 year-end issues for audit committees

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Audit committees must remain focused on fulfilling their core responsibilities despite the increasing demands being placed on them. Balancing the audit committee workload to fulfill the committee’s core responsibilities remains crucial.
Paul Beswick
EY Assurance Partner and former SEC Chief Accountant
what do you think would most enhance audit committee effectiveness
In what area do you anticipate audit committe spending more time

Key takeaways

With 2018 at an end, audit committee members should:

  1. Discuss with management how it is implementing the new standards on leases and credit losses and continue to elevate the adequacy of the company’s disclosures under the new revenue standard.
  2. Stay up-to-date with tax policy developments in real time, understand management’s approach to potential geopolitical developments related to trade, and closely monitor digital tax developments.
  3. Stay abreast of the evolving SEC agenda, re-examine management’s disclosure controls and procedures around cybersecurity, review the company’s cybersecurity disclosures, work with the company’s auditors to understand requirements related to critical audit matters, and consider enhancing audit committee reporting to increase investor confidence in the role of the audit committee in overseeing the audit process and promoting audit quality.
  4. Use the EU’s General Data Protection Regulation and data privacy legislation as an opportunity to evaluate, streamline and standardize data processes and procedures; exercise vigilance in confirming that organizations are properly monitoring the heightened digital risk presented by third-party service providers; and work hand-in-hand with board to create and define a culture of ethics and integrity.

Summary

Audit committees must stay true to their core responsibilities to take on tax developments, interpret evolving SEC standards and manage risk effectively.

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By

US Americas

Multidisciplinary professional services organization