Comments for Audit Committees about the PCAOB May 2015, Audit Committee Dialogue

This blog post includes a short video discussing the Public Company Accounting Oversight Board’s May 2015, Audit Committee Dialogue, and below the video you will find a link to the Audit Committee Dialogue. Please pass this blog post to everyone would be interested in these materials. Thank you. Dave Tate, Esq. (San Francisco and California).

Click on the following link for the PCAOB’s May 2015, Audit Committee Dialogue, Click Here.


Important new IFAC paper on risk management

With help from Grant Purdy, IFAC has published an excellent Thought Paper on risk management. From Bolt-on to Built-in: Managing Risk as an Integral Part of Managing an Organization. This is one of…

Click on the following link for the discussion:

Tate comment: currently I’m just passing this along. Evaluation and comments will follow. Norman certainly indicates that this is an important paper by IFAC. How, if at all, might it impact, add to, or create a standard of care or process for risk management including auditor evaluation and/or audit committee or risk committee oversight? More to follow.  Dave Tate, Esq. (San Francisco / California)

Addressing Cybersecurity Oversight in Audit Committee Charters | JD Supra

Cybersecurity continues to emerge as a key risk that is attracting the attention of regulators and boards of directors. Companies take different approaches regarding how the board…

Click on the following link for the discussion:

Click on the link, which contains a short JD Supra update from Wilmer Hale discussing KPMG’s 2015 Global Audit Committee Survey. The survey is long and contains useful information (over 80 pages). I am making this post because of the discussion about audit committees being given responsibility for cybersecurity oversight. That’s fine, but I suggest that the overall board still must be actively involved in this oversight, you need to be sure that the audit committee members are qualified and have the time to take on this area of oversight, and the audit committee members and other stakeholders should have a good understanding about just what the oversight involves and how the committee should go about that oversight.

As we all know, cybersecurity is an important area of oversight that can significantly effect all businesses. Enjoy.

Dave Tate, Esq. (San Francisco/California)

My other blog: trust, estate, conservatorship and elder abuse litigation,

Pressure Intense on Internal Audit – the Audit Committee and Auditors Should Ask

The following link is to a troubling news release from the Institute of Internal Auditors about pressure that some internal auditors feel or experience in the performance of their tasks. That type of situation is troubling in and by itself. However, with the ramp-up of whistleblower reporting that type of situation also more likely carries with it the potential for the company’s exposure to liability. These issues also reflect upon tone-at-the-top, governance and internal controls. The independent outside auditor and the audit committee should ask the chief audit executive (CAE) about these issues and the related atmosphere at the company, if for no other reason than to spot and resolve any potential issues. The following is the link to the IIA news release:

Click to access Politics-of-Internal-Audit-news-release.pdf

Dave Tate, Esq. (San Francisco and California)