How Audit Committees Can Prepare for 2024 Q1 Reporting, a report from the EY Center for Board Matters, provides a summary of key development related to risk, financial reporting and regulatory matters during the months of January through March 2024. It also provides a roadmap for what may be coming down the pike through to the end of the year. We spoke to Patrick Niemann, EY Center for Board Matters audit committee forum leader, about risks audit committees are having to monitor in 2024, questions audit committees should be asking internal and external auditors and more.
Directors & Boards: What would you say are the main drivers of risk that audit committees are having to pay an increased amount of attention to as we move into 2024?
Patrick Niemann: Risk is the watch word. Audit committee chairs need to stay on top of its many critical drivers. Among those are AI; cybersecurity and data privacy; geopolitics; regulatory changes; macroeconomics; environmental, social and governance issues; talent and organizational culture; and fraud and ethics. Audit committees must assess those and other risk drivers and consider the near- and long-term business implications.
Amid the ongoing concerns,…
