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Key takeaways
- Reporting rules may be shifting. The SEC’s semiannual reporting and filer status simplification proposals could change filing cadence, disclosure expectations, and ICFR attestation requirements. Audit committees should consider how management would preserve reporting discipline if the rules change.
- Tariff refunds are creating new accounting judgments. Potential IEEPA tariff refund claims raise questions about recognition, measurement, classification, controls, and disclosure. Audit committees will want clarity on the evidence supporting management’s conclusions and the uncertainties that could affect reporting.
- AI and fraud risk are changing the control environment. Embedded AI, agentic tools, shadow AI, automation, and third-party reliance can reshape how financial reporting work gets done. Strong oversight starts with understanding whether ICFR, fraud risk assessments, internal audit plans, and escalation processes are keeping pace.
Topics that should be on the audit committee agenda in Q2 2026
A dynamic business and regulatory environment is reshaping the audit committee’s oversight priorities. This quarter’s agenda should highlight timely developments and practical considerations, including:
- Understanding the SEC’s proposal on optional semiannual reporting
- What the SEC’s filer status proposal could mean for reporting and audit committee oversight
- Accounting and oversight considerations for tariff refund claims
- What evolving AI means for ICFR
- Revisiting fraud risk oversight as the operating environment evolves
- Using COSO’s governance principles to refresh audit committee oversight
- Deep-dive and special topics for the audit committee agenda
- What the PCAOB’s new quality control standard means for the audit
- Other recurring items such as hotline complaints and code of conduct matters, regulatory developments, private and executive sessions, related-party transactions, audit plan reviews, and discussions with the CIO, CISO, and GC as needed
Q2 2026 Audit Committee Guide
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