Insight

On the 2021 audit committee agenda: Consumer & Retail

KPMG Board Leadership Center

Matt Kramer

Matt Kramer

National Sector Leader, Consumer & Retail, KPMG US

+1 614-241-4666

Elizabeth Miller

Elizabeth Miller

Partner, National Audit Industry Leader, Retail, KPMG US

+1 212-954-3708

Allan Colaco

Allan Colaco

Partner, National Audit Industry Leader, Consumer Goods, KPMG US

+1 203-405-8019

Eleven key considerations to succeed amid continued uncertainty

In 2021, consumer and retail companies will see challenges from COVID-19 continue, including increased customer expectations and technology adoption, disrupted supply chains, expanding cybersecurity risks, as well as greater expectations and transparency around environmental, social, racial equity and governance issues.

The result is a new business reality where audit committees, in their role of overseeing financial reporting, audit processes, internal controls and compliance, must think about how best to meet these business and risk challenges amid continued uncertainty.

In this report, we highlight the following topics for consumer and retail audit committees to keep in mind as they consider and carry out their 2021 agenda:

  • re-assessing the audit committee meeting cadence, workload and agenda
  • monitoring reporting and disclosure impacts of COVID-19 on filings
  • reinforcing audit quality and understanding COVID-19’s impact 
  • refreshing and prioritizing enterprise risks
  • focusing on ethics, compliance and whistle-blower programs
  • transforming the legacy business model
  • determining workforce retention, development and cultural priorities
  • reviewing supply chain risks and resiliency
  • assessing ESG program scope and quality
  • making inclusion and diversity efforts a priority
  • monitoring tax policy changes and government stimulus.
On the 2021 audit committee agenda: Consumer & Retail
Eleven key considerations to succeed amid continued uncertainty