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Key takeaways:
- Audit committees are key to financial oversight. They oversee financial reporting, the audit process, internal controls, disclosures, and compliance with laws and regulations.
- Their role is expanding as risks evolve. Many audit committees now oversee cyber, operational, compliance, and other risks that could impact shareholder value.
- The right expertise matters. Financial literacy remains essential, while risk management, digital and cyber skills are increasingly important for effective audit committee oversight.
The primary role of the audit committee is to provide oversight of the company’s financial reporting, audit process, system of internal controls, disclosures, and compliance with laws and regulations. As corporate risks continue to evolve, the breadth of the audit committee’s purview has expanded, and it is now often charged with oversight of risks including cyber, operational, compliance, and others that could impact shareholder value.
Key elements of audit committee oversight
Audit committee responsibilities
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