Setting the 2024 Audit Committee Agenda

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Compared to prior years, our suggested 2024 audit committee agenda has taken a bit of a turn due to ongoing and recent market and regulatory developments. 

A complex business environment: The 2024 audit committee agenda includes important enterprise, governance, process, technology, and financial reporting and disclosure issues that merit consideration by the audit committee beyond its ongoing chartered activities.

The 2024 Mandate for Audit Committees
Enterprise, Process and Technology Issues	Financial Reporting Issues
Discuss the implications of the SEC’s cyber disclosure enhancements Determine the extent of any talent and skills shortages Inquire as to external reporting implications of finance’s use of generative AI Review the substance and consistency of ESG reports and the underlying reporting process Assess internal audit’s commitment to relevance	Assess the impacts of inflation, higher interest rates, economic uncertainty, tighter lending standards and other relevant factors on financial reporting assertions Ascertain whether a “next generation” mindset is being deployed to combat rising SOX compliance costs Monitor the impact of cost-optimization measures and organizational changes on key internal controls Note: The committee should continue to self-assess composition and focus.

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