Ten To Do's For Audit Committees in 2009

[auditnet]

How can we as auditors meet the needs of audit committees?

The following is from KPMG's Audit Committee Institute Site. Internal Audit Department should share this with their audit committees and also address these to do's in the annual audit plan.

Details are at http://www.kpmg.com/aci/docs/Ten_ToDos_ ... n_2009.pdf

When considering and carrying out their 2009 agendas, audit committees should…
1. Closely monitor the impact of the financial crisis/recession on the company
2. Assess the company’s exposure to third parties in financial distress.
3. Understand the impact of the financial crisis on the company’s financials—particularly the balance sheet.
4. Focus on fair value and liquidity disclosures.
5. Make sure your risk discussions with management are healthy and productive.
6. Help the company and the board prepare for change.
7. Take a hard look at opportunities to improve the audit committee’s effectiveness.
8. Be sensitive to the strains on the CFO, internal auditor, and finance organization.
9. Expand the audit committee’s information sources.
10. Monitor the tone from leadership and throughout the organization.