2012-05-01 Audit committees - tomorrow and beyond, Global regulatory trends

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This newsletter discusses global audit reforms currently proposed by regulators and the potential impact on audit committees in Canada.

It’s impossible these days to avoid hearing about new regulatory initiatives responding to the financial crisis. They’re coming from all sides — Europe, the U.S. and Canada. Understanding the possible implications for audit committees and auditors is a challenge, even for those with their ears very close to the ground.

In April, we held a special briefing for audit committee members in Toronto to put things into perspective. In a free-wheeling, interactive and forthright session, top PwC experts from around the globe shared their insights into the regulatory environment in their jurisdictions, the local reform proposals and the possible political implications. This summary sets out the highlights of the briefing on the global regulatory initiatives, the results of electronic polling of the 45 directors attending, and our perspectives on those results. The polling revealed the usual healthy diversity of opinion, and perhaps not surprisingly, that directors and regulators may not always see eye to eye.