Directors Quarterly: January 2023

Priorities for board and audit committee agendas, our chief economist on measuring what matters, and a financial reporting and auditing update.

The practical mindset of “leaning into the humility of a forecast, while embracing the strength of scenarios”—which KPMG Chief Economist Diane Swonk discusses in our Q&A this quarter—not only applies to the economy; it should also strike a chord for boards as they help their companies navigate the risks and opportunities in the year ahead. A far less predictable business and risk environment—being shaped by ongoing economic uncertainty, lingering inflation concerns, geopolitical volatility, continuing supply chain issues, and a shifting regulatory landscape—also calls for a balance of humility and agility in the business and the boardroom. 

As directors tackle a lengthy and expanding list of must-dos and focus on helping their companies prepare for the unexpected, we highlight some of the pressing issues that should be high on 2023 board and committee agendas. Meanwhile, our financial reporting and auditing update includes highlights from the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments, the potential impacts of economic uncertainty on accounting and financial reporting, and the latest on ESG and crypto assets. 

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