Ten To-Do's for Audit Committees in 2010

This annual memo from KPMG's Audit Committee Institute points to 10 items audit committee members should keep in mind as they consider and carry out their 2010 agendas. These 10 to-do's are designed to help the audit committee provide focused, effective oversight in the challenging economic, regulatory, and legislative environment ahead.

1. Regain control of the audit committee agenda.
2. Understand the risks posed by cost reductions made in response to the economic crisis. 
3. Focus closely on all financial communications.
4. Continue to monitor fair value issues, impairments, and management’s assumptions underlying critical accounting estimates.
5. Rethink the audit committee’s role in risk oversight with an eye to narrowing the scope.
6. Make sure internal audit is properly focused and fully utilized.
7. Prepare for the potential impact of key public policy initiatives on compliance, risk, and governance processes.
8. The economic crisis continues to put pressure on compliance and anti-fraud programs. Be vigilant.
9. Help link change and risk and monitor critical alignments.
10. Take a fresh look at the audit committee's composition and leadership.