Highlights and insights from the 2017 Audit Committee Issues Conference in Boca Raton include Going the Distance, a recap of the conference’s main sessions, including keynote addresses and panel discussions, and Risk Just Got Riskier, detailing key points shared by directors in the accompanying peer exchanges.
Companies will need to navigate unprecedented levels of uncertainty in 2017 as they face the prospects of dramatic U.S. policy changes under the Trump administration, the UK’s exit from the European Union, as well as global economic and political uncertainty. This economic and political volatility—together with technology advances, business model disruption, and heightened expectations of investors and other stakeholders—will challenge companies and their boards to manage key risks, innovate and capitalize on new opportunities, and execute on strategy. For audit committees, financial reporting, compliance, and the risk and internal control environment will continue to be put to the test in 2017.
Audit committee members from around the world joined KPMG business leaders in Boca Raton at the 13th annual Audit Committee Issues Conference on Jan. 9–10 to discuss the governance challenges facing boards in the year ahead. Keynote speakers and panel members discussed a range of issues, including the shifting geopolitical and economic landscape; the increasing focus on board composition; the evolving role of the corporation in society; developments in cybersecurity; and the era of shared governance. Breakout sessions focused on a range of issues that are top of mind for audit committees, including key financial reporting risks; audit quality; crisis readiness and response; and shareholder engagement.
Attendees also participated in small group peer-exchange conversations to discuss how their audit committees are addressing these and other issues that are at the top of their agendas today.
Discussions focused on four broad areas: