Companies around the world are being impacted by current economic and credit market conditions in ways they did not predict and for which they are largely unprepared. “We hear a lot of false stories about how we’re not affected because we’re Canadian,” one audit chair remarked, but members report the contrary. They are being challenged to keep on top of the current economic situation, the impending conversion to IFRS, disclosure responsibilities, and the myriad other obligations that come with their job. Without crossing the bright line into management’s sphere, the audit committee and board as a whole must offer all possible aid to ensure the company successfully rides out the current economic turbulence.
Read the full paper, published by Tapestry Networks and Ernst & Young.