KPMG Recommends 10 Audit Committee To-Dos
Feb. 1, 2008 (SmartPros) The KPMG Audit Committee Institute has compiled a list of 10 things audit committees need to do in 2008.
According to the Institute, committees not only need to understand the implications of important financial reporting issues, such as Fair Value Accounting, and convergence of U.S. GAAP and IRFS, but they must also make sure the CFO and the corporate finance organization has what it needs to succeed.
Other items for audit committees to consider this year include being a catalyst for improving risk management, closely monitoring management's disclosure committee, and being prepared for a crisis.
Additionally, audit committees still see risk management as a real challenge for many companies and boards, while there is a growing interest among audit committees to focus more on their relationship with, and support of, the CFO and financial management team, according to the results from a recent survey of participants at the KPMG Audit Committee Institute's Fall 2007 Roundtable Series.
The list is available in a two-page PDF. In summary, the 10 recommendations are:
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