Deloitte’s Center for Board Effectiveness and the Center for Audit Quality (CAQ) last month issued a report on audit committee practices and the major issues audit committees face today. The report is based on a survey of 246 audit committee members from predominantly large (more than $700 million market cap) public companies with primary operations in the United States.

Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer....