Mar. 5, 2014 Audit Committee Chair Advisory Council Summary of Proceedings
On Mar. 5, 2014, NACD, KPMG’s ACI, and Sidley Austin co-hosted the most recent meeting of the Audit Committee Chair Advisory Council.
The meeting brought together audit committee chairs from major U.S. corporations, key regulators, and standard setters from the Public Company Accounting Oversight Board (PCAOB), Financial Accounting Standards Board (FASB), and senior finance executives and audit professionals for an open dialogue on the key issues and challenges impacting the audit committee agenda.
The forum provided timely insights into a number of issues that are shaping audit committee (and board) agendas, including:
- Investor and rating agency perspectives on financial disclosures, including the information and metrics that are most important to investors in assessing a company’s performance, prospects, and key risks.
- The audit committee’s role in helping to ensure the quality of the company’s financial disclosures—both generally accepted accounting principles (GAAP) and non-GAAP information.
- Ongoing PCAOB projects focused on audit quality and auditor independence, objectivity, and professional skepticism.
- FASB’s “big four” convergence projects, including their status and potential impact on companies’ accounting and financial reporting processes.