June 19, 2013 Audit Committee Chair Advisory Council Summary of Proceedings

On June 19, NACD and partners KPMG ACI and Sidley Austin LLP co-hosted the most recent meeting of the Audit Committee Chair Advisory Council, bringing together audit committee chairs from major U.S. corporations, key regulators, and standard setters from the SEC, PCAOB, and FASB, 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 top of mind for audit committees, including:

  • Perspectives on current PCAOB initiatives, the status and potential impact of FASB’s “big four” convergence projects, and the SEC’s renewed focus on accounting fraud.
  • Considerations related to the allocation of risk oversight responsibilities among the full board and key committees.
  • Ensuring audit committees and boards have the right skills and resources to navigate the changing risk and regulatory environment.

The June 19 discussion also resulted in a number of proposed action items (as noted throughout the summary of proceedings) for further exploration by the advisory council. NACD is sharing this summary with directors, stakeholders, and the governance community to help guide and inform the ongoing dialogue concerning important board issues.