How Should an Audit Committee Remain Current with Regard to Technical Guidance?

The complexity and proliferation of today’s financial accounting and reporting guidance is mind-boggling. Continuing education of audit committee members is imperative to their effectiveness. This responsibility does not just reside with the designated “financial expert” but rather is shared by all members of the audit committee. We recommend periodic meetings between the audit committee and the external auditors, particularly the engagement partner, be scheduled to highlight issuances of new accounting and reporting standards and other “hot topic” areas and what the anticipated impact may mean to the organization in light of consummated or contemplated business transactions. For a current listing of upcoming programs along with archived webcasts please visit our Nonprofit page or speak with your BDO audit engagement team.

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