Audit committees have a lot on their plates. To help manage the workload, audit committees should look at some of the fundamental elements of meetings to ensure that they are functioning as efficiently as possible.
Pre-read materials are one of these elements—they continue to grow in volume as the audit committee becomes busier. Streamlining reporting to focus on issues, trends and themes continues to be one of the top priorities we hear from audit committee members.
Audit committee reporting should be clear, concise, and impactful, and if it isn’t—it might be time for an upgrade. Executive summaries and dashboard reporting can be particularly helpful in this area. In addition, highlighting changes from prior packages, allowing the committee to easily identify what has changed, is another way of making pre-read materials more effective. We have developed some examples of dashboard reporting which audit committees may find helpful.