Audit Committee Brief

Audit Committee Brief is Deloitte's publication for audit committee members. It provides recommendations, overviews of corporate governance resources, regulatory and legislative environment outlooks, and technical updates.

At the time of posting, the external links included in Audit Committee Brief were active. However, if the documents on the hosting site were subsequently modified, moved, or archived, the links within earlier editions of Audit Committee Brief may no longer work.

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Audit Committee Brief, October 2009

Financial Literacy

Given audit committees’ significant responsibility for financial reporting oversight, it may be wise to consider whether enhancement of the members’ financial literacy is advisable in response to current challenges and ongoing developments in accounting standard-setting. This edition of the Audit Committee Brief addresses this topic and includes questions audit committees should consider.

Publication date: 10/2009 | File size: 576 KB

Audit Committee Brief, September 2009

On the Horizon: Significant Changes for Derecognition and Consolidation Accounting Pending

Deloitte outlines the implications of FASB Statements No. 166, Accounting for Transfers of Financial Assets, and No. 167, Amendments to FASB Interpretation No. 46(R). Because the changes stemmed from the credit crisis, it might seem that they would apply only to the financial services industry, but many nonfinancial companies will also be significantly affected.

Publication date: 9/2009 | File size: 123 KB

Audit Committee Brief, August 2009

Earnings Guidance – Current Practices and the Role of the Audit Committee

This edition discusses the role of the audit committee with respect to the provision of earnings guidance. It also highlights findings from Earnings Guidance: The Current State of Play, a recent report by Deloitte and the Financial Executives Research Foundation. This report explores current practices and factors to consider in making changes to earnings guidance policies.

Publication date: 8/2009 | File size: 210 KB

Audit Committee Brief, July 2009

Effective Internal Audit: Is the Audit Committee Expecting Enough?

An effective relationship between the audit committee and internal audit is fundamental to the success of the internal audit function. In this issue, Deloitte discusses the importance of a mutually beneficial relationship, reviews audit committee expectations of internal audit, and provides questions audit committees should consider asking management.

Publication date: 7/2009 | File size: 584 KB

Audit Committee Brief, June 2009

Obama Administration Outlines Tax Provisions in 2010 Budget Proposal

The Obama administration has introduced provisions that address a variety of issues, including international tax, health care reform, tax cuts for working families, and tax increases for businesses and high-income individuals. Deloitte summarizes these provisions and provides questions audit committees should consider asking management in this edition of the Audit Committee Brief.

Publication date: 6/2009 | File size: 953 KB

Audit Committee Brief, May 2009

Implications of the Current Regulatory Environment for Audit Committees

As a result of the economic crisis, there are ongoing discussions among the Obama administration, Congress, the SEC, and other interested parties regarding the need for significant regulatory reform or re-regulation of the U.S. financial system. This edition examines what the regulatory outlook could mean for audit committees, and includes a list of questions they should be considering.

Publication date: 5/2009 | File size: 97 KB

Audit Committee Brief, April 2009

Modifying and Clarifying the Rules on Fair-Value Accounting

The FASB approved three staff positions in an attempt to clarify fair-value accounting. This edition of the Audit Committee Brief addresses how these positions may affect the oversight role of the audit committee.

Publication date: 5/2009 | File size: 101 KB

Audit Committee Brief: March 2009

Addressing the Risk of Financial Fraud

Allegations of major fraud have dominated global business news in recent months. This edition addresses the risk of financial-statement fraud in the current environment and provides leading practices for fraud risk management.

Publication date: 3/2009 | File size: 638 KB

Audit Committee Brief: February 2009

What are Audit Committees Doing Differently in the Current Environment?

Current conditions have caused the audit committee to change its focus. Audit committees are examining liquidity, impairments, enterprise risk management, and financial reporting disclosures more closely. This edition offers suggestions for items audit committees may consider and questions they may ask management.

Publication date: 2/2009 | File size: 128 KB

Audit Committee Brief: January 2009

With unprecedented events creating a ripple effect around the globe over the past year, many audit committee members are asking what they should be doing in response and what issues will affect their organizations in 2009. This edition offers considerations to help advance those discussions.

Publication date: 1/2009 | File size: 91 KB

Audit Committee Brief: November 2008

This edition includes information on fair-value accounting in the current economic environment, the Emergency Economic Stabilization Act, and the SEC's proposed IFRS roadmap to mandatory transition.

Publication date: 11/2008 | File size: 148 KB