What audit committees should consider at the end of 2020
In this 2020 edition of our annual review of issues affecting audit committees during the year‑end audit cycle, we summarize key developments for audit committees to consider. With the changing risk landscape, the audit committee’s
role continues to grow more demanding and complex amid the pandemic and a dynamic and fluid business environment.
This report will assist audit committees as they proactively address recent and upcoming developments in financial reporting, tax, the regulatory landscape and risk management.
The Securities and Exchange Commission (SEC or the Commission) staff continues to encourage audit committees to maintain the right “tone at the top” to create an environment and culture that supports the integrity of the financial reporting process. Additionally, stakeholders are requiring businesses to provide more disclosures for a variety of reasons.