Rethinking the Audit Committee -9 Areas for consideration
28 October 2020
The impact of the coronavirus pandemic on the Middle East and global economies has been severe and has led to significant changes in demand across all economic sectors. The speed and strength of the Middle East and global economic recovery will depend in large part on the success of public health measures and economic policies.
It is likely that all businesses will be affected in some way. Studies from the last recession suggest that companies that are proactive can gain a lasting competitive advantage. It is more important than ever for Audit Committees to be seeking assurance over their organisation’s business impact assessments and the response plans for the short, medium and long term.
When it comes to the role of the Audit Committee in seeking assurance over the organisation’s management of the crisis, now is time to rethink the questions they are asking and what information they need.
Many organisations will follow a staged process to manage a crisis. Our own BDO Rethink Model is based on React; Resilience; and Realise. We have highlighted nine key areas that Audit Committees should be questioning and seeking assurance over.
Read our publication below :
Rethinking the Audit Committee - 9 Areas for consideration