David Gagnon
Partner, Audit, National Industry Leader, Higher Education & Other Not-for-Profits, KPMG LLP
Rosemary Meyer
Partner, Audit, KPMG US
Insight
Drawing on insights from our work and interactions with not-for-profit audit committees and senior executives, we have highlighted several areas that audit committees should keep in mind as they consider and carry out their 2020 agendas.
Prioritizing a heavy audit committee agenda is never easy, and 2020 will be particularly challenging. Not-for-profit audit committees are operating against a backdrop of changing stakeholder expectations, digitization and disruption, and greater regulatory complexity and scrutiny. Five topics audit committees should keep in mind, include:
- Maintain (or regain) control of the committee's agenda
- Sharpen focus on the organization's culture, ethics, and compliance programs
- Monitor the impacts of new financial reporting standards
- Continue to focus on cybersecurity and privacy
- Modernize and strengthen the back office
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