- Deloitte’s recently published 2nd edition of the “Audit Committee Practices Report” discusses various matters related to the audit committee priorities and composition
- Below are the replies of the primarily US-based respondents (78%) regarding their organizations’ audit committee top priorities beyond financial reporting and internal controls
Source: Deloitte
Key Takeaways…
- Beyond the traditional remit, the audit committee also has primary oversight over Cybersecurity, ERM and ESG
- The same areas were identified as top 3 audit committee priorities over the next 12 months
- In financial services, the typically mandated risk committee often has oversight over Cybersecurity and ERM
- While the primary responsibility for such risks may be delegated, the entire board must remain well-informed
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