Engaging with Audit Committees to Support Accountants Addressing New Responsibilities

At their core audit committees play a crucial role in ensuring the provision of highquality, decision-useful information about an organization to its investors and other stakeholders. But in the current environment, fulfilling this mandate is becoming increasingly more complex as organizations face greater uncertainty and risks and as audit committee oversight responsibilities continue to widen.

Professional accountancy organizations (PAOs) have a key role in supporting their members working on audit committees to continuously learn about new topics, risk areas and reporting requirements, and consider the implications on their organizations and work.

To help PAOs engage with audit committee members on these trends, the PAIB Advisory Group discussed and identified the priority issues in this report for consideration on audit committee agendas.

Read more insights from IFAC’s Professional Accountants in Business Advisory Group: Global Priorities for Professional Accountants in Business and the Public Sector.