Emerging from two years of pandemic disruption, Consumer & Retail companies are facing substantial changes to their business operations including expanded digitization at an accelerated pace with little time for governance, risk, and controls; an evolving regulatory environment; and very different customer expectations and market demands.
Audit committees, in their role of overseeing financial reporting, internal and external audit, internal controls, and compliance should contemplate on how to best provide oversight and guide their companies to meet these business and risk challenges in a new business reality.
In this report, we highlight the following topics for Consumer & Retail audit committees to keep in mind as they consider and carry out their 2022 agenda:
- focusing on financial reporting and related internal control risks
- monitoring the SEC’s rulemaking activity on climate and clarifying ESG oversight responsibilities
- keeping apprised of global tax developments and risk
- elevating cyber security and ransomware preparedness on the agenda
- prioritizing data governance in an increasingly digital and customer-led world
- understanding how the auditor is using technology to support or enhance audit quality
- understanding the digital finance transformation journey and effective resource management
- making sure that internal audit is focused on the company’s critical risks
- making the most of the audit committee’s time together.
Nine key considerations to succeed in this substantially changed world
