the-audit-committees-auditor

photo by najlah feanny hicksVerbatim | James P. LiddyThe Audit Committee’s AuditorShortly after his appointment as vice chair-Audit How has the audit committee’s role evolved? The newly at KPMG LLP, the U.S. member firm of KPMG Harry Truman may have said it best: “The appointed vice International, Jim Liddy sat down with NACD buck stops here.” I’ve heard more than one audit chair-Audit for Directorship for an interview that delved into his committee member say that if an issue is compli-KPMG LLP on the mission, aspirations and how the external auditor’s cated and requires a lot of time and focus, it usu-role has evolved, particularly since Sarbanes-Oxley ally lands on the audit committee’s plate. The evolving role of (SOX) and the economic crisis. The financial ser- challenges and priorities that companies face the auditor, the vices sector is one of his sweet spots. So too is the keep increasing, and executives and boards can’t relationship with role of the audit committee, which Liddy is focused simply give matters a cursory review. The audit the board and squarely on, both as an auditor and a member of committee’s role and scope of oversight activi-what lies ahead. an upcoming Blue Ribbon Commission (BRC) on ties will vary by company and by industry—but Audit Committees to be published this fall by the there’s a “great reassessment” taking place now…NACD. many audit committees are reassessing their role in risk oversight. Where are board and ...