Tune in for the next Quarterly Audit Committee webcast, featuring a dialogue with The Home Depot's Chief Financial Officer and Executive Vice President Corporate Services, Carol B. Tomé, on the audit committee's interaction with the CFO.

How is the role of the CFO and finance function changing? And how can the audit committee and CFO best support each other and foster a healthy, effective relationship?

Hosted by KPMG's Audit Committee Institute and the National Association of Corporate Directors, this quarterly webcast will also provide timely updates on:

• Key financial reporting/accounting developments, including FASB projects and "hot button" issues
• Legislative/regulatory activities in Washington, including the status of SEC's Dodd-Frank rulemakings and other developments
• Upcoming programs, resources, and insights for audit committees and directors from KPMG's Audit Committee Institute

• Audit Committee Interaction with the Tax Director - Keys to effective oversight of tax, including communications and setting expectations, current enforcement trends, and prospects for federal tax reform. A dialogue with Henry C. Wolf, director at AGL Resources and Hertz Global Holdings, and Harry L. Gutman of KPMG's Federal Tax Legislative and Regulatory Services.
• PCAOB Activities and Financial Reporting Developments - an update on major PCAOB proposals related to mandatory audit firm rotation, changes to the auditor's reporting model, and communications with the audit committee, as well as key developments affecting financial statements and disclosures.
• Washington Update - Status of SEC's Dodd-Frank rulemaking and other legislative/regulatory developments.
• Audit Committee Institute Debrief - Insights and upcoming events for audit committee members and directors.

Launch the Webcast Replay

The issue focus of this quarter's webcast - part II of our series - is on IT risk, emerging technologies (including cloud computing), and the role of the CIO.

The webcast hosted by James P. Liddy, vice chair, Audit, KPMG, features H. Ray Bingham, director at Dice Holdings, Flextronics International, Oracle, Spansion, and STMicroelectronics; and Frank B. Modruson, chief information officer at Accenture.

The webcast includes an update on financial reporting and accounting issues; developments from Washington, D.C., including the status of the SEC's Dodd-Frank rulemaking; and a debrief from KPMG's Audit Committee Institute on recent and upcoming programs for audit committee members and directors.

Dow Chemical and Aetna director Barbara H. Franklin, MIT Fellow Michael Schrage, and National Association of Corporate Directors (NACD) president and CEO Kenneth Daly share their views on the characteristics and content of robust risk discussions, including:

• What does a healthy, productive risk conversation sound like?
• Who should be part of these discussions - and how frequently should they happen?
• How deep should the board dig?
• When and how should the board seek input from third parties?

The webcast was co-sponsored by KPMG's Audit Committee Institute, KPMG's DPP, and the National Association of Corporate Directors.

It focuses on restoring trust in the governance process, the keys to enhancing the role and effectiveness of the chief risk officer, and how audit committee oversight is changing as a result of the financial crisis and the formidable challenges ahead.

The directors and leaders in corporate governance who offer insights on this webcast include:

• Ira M. Millstein, Senior Partner, Weil Gotshal & Manges LLP, on "Challenges for Today's Corporate Governance"
• William E. McCracken, Chairman of the Board, CA, on  "Enhancing the Role and Visibility of the Chief Risk Officer"
• Kenneth Daly, President and CEO, National Association of Corporate Directors, on "Agreed Principles to Strengthen Corporate Governance"
• Mary Pat McCarthy, Executive Director, KPMG's Audit Committee Institute, on "Key Trends in Audit Committee Oversight: Recent Survey Findings

As part of the webcast, participants were polled on a number of key issues including:

• Risk committees - about one third of the survey respondents said their board is considering the formation of a "risk committee".
• Risk oversight responsibilities - 28 percent said they are either not satisfied or only somewhat satisfied that their board has clearly defined risk oversight responsibilities
• Separation of CEO/chairman roles - 75 percent said separating the roles of CEO and chairman would improve the effectiveness of board oversight.
• Updates on the company's tax risks - one third said the company's tax director provides updates to the audit committee less frequently than annually, or not at all.

Impact of Economic Uncertainty and Volatility on Year-end Reporting, and Looking Ahead to the 2012 Agenda

With companies facing continued slow growth in the United States, a mixed economic outlook globally and a challenging business environment in 2012, a number of year-end reporting issues will require the audit committee' attention, as will key risks and opportunities in the year ahead.

A leading economist from The Conference Board and Viacom’s CFO, James Barge, shared their thoughts on year-end issues and 2012 challenges for audit committees and management to consider, including: 

• Key year-end reporting issues impacted by ongoing economic uncertainty and volatility (pensions, goodwill, sovereign debt exposure and more)
• SEC "hot topics" that should be on every audit committee's radar (including transparent disclosures and a "meaningful" MD&A, non-GAAP financial measures and cyber security disclosures)
• Ensuring consistency of all financial communications with information reported in the 10K/10/Q
• Important areas of audit committee focus for 2012 - including IT risk, innovation and talent management; maintaining the control environment; and enhancing the audit committee's understanding of key issues (taking "deep dives").

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This Webcast features a discussion of the evolving role of internal audit, including how today's chief audit executives and internal audit teams, as the "eyes and ears" of the audit committee, are adding greater value and insight and supporting corporate strategy.

This Webcast was the first in a new Issue Focus series, The Intersection of the Audit Committee and the C-Suite, which explores the audit committee's interaction with key members of management, including the chief audit executive, chief risk officer, chief compliance officer, chief information officer, general counsel, and CFO.

Please note:

• Your data may be used by the event cosponsor for marketing purposes.
• KPMG may include your name, title, and company/board affiliations in materials provided to attendees of this event.
• The sharing of information with KPMG and its cosponsors is subject to the Terms and Conditions. If you do not wish to benefit from marketing that may be provided by KPMG and its cosponsors, please send an opt-out message to the ACI mailbox.

This KPMG/NACD Audit Committee Webcast discusses how the newly enacted Dodd-Frank legislation and other regulatory reforms are impacting audit committee oversight. The Webcast also includes an update on financial reporting/accounting issues and developments from Washington, D.C.

The KPMG/NACD Audit Committee Webcast Series provides quarterly updates and insights into issues affecting audit committee/board oversight from key accounting and regulatory changes to developments in risk oversight.

Please Note:

• Your data may be used by the event cosponsor for marketing purposes.
• KPMG may include your name, title, and company/board affiliations in materials provided to attendees of this event.
• The sharing of information with KPMG and its cosponsors is subject to the Terms and Conditions. If you do not wish to benefit from marketing that may be provided by KPMG and its cosponsors, please send an opt-out message to the ACI mailbox.

The Webcast includes an overview of the NACD's Blue Ribbon Commission report, Risk Governance: Balancing Risk and Reward, and an update on key accounting and financial reporting developments in the United States.

The March 2010 Webcast focuses on topics such as:

• Financial Reporting/Accounting Developments and "Hot Topics"
• Washington Update
• Issue Focus: "Disclosing Uncertain Tax Positions" - a discussion of the implications, for audit committees, of the recent IRS announcement on disclosure of uncertain tax positions on corporate tax returns
• ACI/NACD Debrief - Insights and Upcoming Events

Please Note:

• Your data may be used by the event cosponsor for marketing purposes.
• KPMG may include your name, title, and company/board affiliations in materials provided to attendees of this event. The sharing of information with KPMG and its cosponsors is subject to the Terms and Conditions.
• If you do not wish to benefit from marketing that may be provided by KPMG and its cosponsors, please click to send an opt-out message to the ACI mailbox.

• Understanding of Credit Market Conditions to Date
• Accounting and Reporting Implications
• International Financial Reporting Standards (IFRS) for Mutual Funds

The speakers also address the recent FASB Staff Final Position on FAS 157 and the additional derivative disclosures under FAS 161. A group of leading industry representatives will also share insights about the summary prospectus and its requirements.