Audit Committee Chair Advisory Council: Implications of COVID-19
In brief: The impact of the COVID-19 pandemic has significantly impacted boards and global corporations. The pandemic created dual crises around healthcare and the economy and is testing organizations resiliencies. Audit committees are being tasked with financial and risk oversight, and are on high alert on a range of urgent issues ranging from adjusting financial projections to addressing immediate liquidity and credit risk.
On March 25, 2020, NACD, KPMG, and Sidley Austin convened a meeting of the NACD Audit Committee Chair Advisory Council—a group of audit committee chairs from Fortune 500 companies—during the COVID-19 crisis for a wide-ranging virtual discussion about audit committee action items in this unprecedented time.
This resource can help your board to
- work with external auditors to mitigate risk,
- scenario plan around the crisis, and
- provide management with oversight and guidance around the pandemic.
Most relevant audiences: audit committee chairs, risk committee chairs, audit committee members, and risk committee members