From the AICPA: COVID’s Impact on the Audit Committee
COVID-19 is changing how and where we conduct business as well as how we approach both human capital management and corporate strategy. Those changes have implications for risk, controls, and reporting.
The Association of International Certified Public Accountants (AICPA) has been advising its members and others how best to handle COIVD-19 challenges. Recently, the AICPA shared the audit committee checklist for COVID-19. https://bit.ly/3g4BzO7
The AICPA, in issuing the checklist, wrote: “Audit committees, be they in a public, private, government or not-for-profit entity, face drastic challenges. Not only must they suddenly conduct virtual meetings, but they also must handle emerging risks. These risks are related to assessments, entity on-site operations (including culture), the impact of new legislation, financial and reporting disclosures, technology and cybersecurity.”
AICPA’s checklist includes thoughtful and practical topics for boards, especially audit committees, to consider when assessing how COVID-19 has impact the “board’s responsibilities of oversight, risk management and governance process.” It is also a good reminder that effective oversight, risk management and governance begins with a well-crafted agenda supported by high-quality briefing materials.
Foresight is advanced technology that enables governance professionals, executives and board members build such agenda, document discussions and decisions, and assess how effectively the board is overseeing these evolving challenges. More information is available on https://foresight.board-ops.com/
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