In our annual review of developments affecting audit committees, we consider the significant responsibilities the committee has in assisting the board in its oversight duty. The review also provides questions for audit committees to consider as they prepare for year-end discussions with the board, management and external auditors.
Members of the Audit Committee Leadership Networks (ACLN) met recently for their annual summit. George Brooks, EY Americas People Advisory Services Leader, joined the meeting to discuss the workforce of the future, highlighting how the focus on talent management has prompted the need for a cross-functional effort.
Members of the Audit Committee Leadership Networks (ACLN) discussed different ways to better manage the committee's time to more effectively address all issues, including: 1) Using executive sessions to streamline discussions, 2) Balancing workloads among committee members, 3) Regular reporting to the board.
Corporate culture can drive positive change and also affect the reliability of financial statements, the effectiveness of internal controls, risk profile and risk management efforts. This article discusses how corporate culture is defined, the role that boards and management play in shaping it and how some boards assess it.