With perhaps the worst of the economic storm receding and a tenuous recovery ahead, companies and their boards are surveying a changed landscape.

Cost-cutting has transformed business models and created new risks. Expectations for effective risk management have many boards and audit committees rethinking their risk oversight practices. A raft of public policy and regulatory reform initiatives pose new compliance and governance challenges. These include new proxy disclosures to healthcare, energy, environmental, and financial services reforms.

This report highlights five key issues for boards and audit committees to consider as they refine their oversight practices and help guide their companies forward.