Roundtable Reveals Complexities for Audit Committees
To further explore the specific implications for audit committees and their stakeholders arising from COVID-19, IFAC and The Institute of Internal Auditors (IIA) hosted a virtual global audit committee roundtable. Participants included board chairs, audit committee chairs and members, CEOs, and those leading internal audit teams – with representation from Canada, France, Hong Kong, Malaysia, Saudi Arabia, South Africa, Tanzania, Turkey, UK, US, and Zimbabwe.
Clearly, boards are looking to their audit committees for guidance on a broad set of issues and risks including around people and capacity, cost controls, crisis management, and disaster recovery plans. The insights gathered from the roundtable are included in the newly released Implications for Audit Committees Arising from COVID-19. Key takeaways for audit committees to effectively carry out their oversight responsibilities include: Balance core responsibilities with emerging priorities; stay informed through frequent communication to secure accurate, actionable and timely information; take a multi-disciplinary approach drawing on expertise throughout the organization.
