Steve W. Klemash is Americas Leader and Jennifer Lee is Senior Manager at the EY Center for Board Matters; and John F. Schraudenbach is Americas Assurance Senior Client Service Partner at EY. This post is based on their EY Center for Board Matters memorandum.
In the current year, audit committees have played a vital role in navigating evolving oversight challenges and stakeholder expectations related to a number of developments, including new accounting standards, tax reform implementation, trade policy shifts, technology’s impact on the company’s risk profile and finance function, and regulatory developments concerning cybersecurity disclosures and the auditor’s reporting model.
Going forward, ongoing changes in the political and regulatory environment, as well as increasing stakeholder interest in topics such as data privacy, strategy and corporate culture, will continue to shape the audit committee’s critically important work.
