» Top 3 items on auditors’ lists for ’08

Top 3 items on auditors’ lists for ’08

July 9, 2008 by Carol Katarsky
Posted in: Best practices, Internal controls, Special report

Internal audits not your favorite thing? We understand — but new guidance could have some hidden bonuses for Accounting.

KMPG’s Audit Committee Institute suggests five things audit committees should pay special attention to this year. And while doing them could mean a little more work now for Accounting, down the road you should see improved controls and more visibility. Some of the top items on the list are:

1. Improve risk management and oversight

Every company has a process for measuring risk management, but the current credit crunch shows that processes can fail. KPMG urges you to look behind the process to make sure it’s accurately assessing the risk.

2. Get up to speed on changing financial reporting issues

What — and how — companies need to report is changing rapidly. And it’s likely to get even worse in the near future as we try to dig out of the current economic morass. KPMG recommends asking management to cover one key issue, like fair value, per meeting.

3. Create a shared vision

Doesn’t matter how much time you spend on audits, internal controls or anything else: If Accounting, management and auditors don’t have a common vision and shared priorities, you aren’t going to make much progress.

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