Audit Committee

Key Challenges for Audit Committees in the Current Environment

Implications of credit crisis and economic downturn
Attention to credit and liquidity issues
Oversight of enterprise risk management
Heightened scrutiny from shareholders, regulators, media, etc.
Crisis preparedness

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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

2008 Year in Review

This report provides a recap of the CAQ's activities on behalf of investors, public company auditors, and the markets.

Publication date: 2/2009 | File size: 16.4 MB

IFRS Considerations for Audit Committees

The strong global movement toward IFRS creates a need for audit committees and company management to discuss the potential costs, benefits, and other effects of a transition to IFRS. To help audit committee members prepare for these discussions, Deloitte offers an overview of the IFRS accounting requirements, differences from U.S. GAAP, considerations for implementation, and key questions audit committees should ask.

Publication date: 2/2009 | File size: 229 KB

2009 Industry Outlook: Challenging Times, Emerging Opportunities

Through a series of in-depth interviews, Deloitte’s sector leaders and subject-matter specialists have detailed their anticipated, industry-specific challenges and opportunities for 2009, as well as provided suggestions to help executives weather the current economic downturn and position their organizations for recovery and future growth.

Publication date: 1/2009 | File size: 3.4 MB

Questions Audit Committees Might Consider Concerning the Regulatory Horizon

How can the board and its committees, particularly the audit committee, change the allocation of in-person meeting time to maximize the focus on trends, risk, strategy, and significant management judgments and assumptions and reduce the time spent on routine compliance?
As part of its self-assessment, has the audit committee considered where it directs its time in relation to the company’s risks and whether any adjustments are necessary?
How can management, the board, and the audit committee identify and implement process and oversight improvements before new regulations must be implemented?
Has management considered how the financial system reform priorities of the Obama administration, Congress, and the SEC might affect the operations of the company or those of its significant business partners? Further, how can management, the board, and the audit committee continue to collaborate on current SEC financial reporting initiatives such as IFRS and the initial attestation on internal control over financial reporting for nonaccelerated filers?
How can management, the board, and the audit committee influence the public debate on regulatory reform?

Going Concern: Questions Audit Committees May Ask Management

How exposed is the company to a further downturn in the economy?
What lessons were learned from previous downturns?
What are the key assumptions in forecasting operations during the next operating cycle?
What are the company's contingency plans for dealing with varying degrees of economic distress?
How sensitive are the company's expansion plans to the recession?
Is the company positioned to take advantage of distressed situations that occur in a recession?