Best Practices for the Expanding Role of the Audit Committee

The economic environment at the time, combined with the pace of regulatory change, made it challenging for audit committee members to keep up. The discussion explored best practices that could be implemented to ensure the committee was effective in its mission.

The session addressed what questions audit committee members should have been asking, what information was needed to make informed decisions and recommendations, how often members should have met with management, and what overall expertise was required for an effective audit committee.

An expert panel discussed the evolving responsibilities of the audit committee within the governance landscape and addressed the following topics:

• Questions the audit committee should have been asking in a slowing economy with increasing regulatory requirements, including cyber and ESG

• The appropriate composition of the audit committee in the risk environment at the time

• How to engage with the risk and compensation committees

• Best practices for engaging in executive sessions with management

• Content to include in audit committee materials to facilitate the committee's responsibilities