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.
Audit quality continues to be a core audit committee responsibility, according to the survey. Despite the pandemic and working remotely, the report noted nearly all respondents thought audit quality remained the same (66 percent) or increased (32 percent) compared to last year. Competent auditors and strong communication between the audit committee and the audit partner were cited by 85 percent of those surveyed as the most important contributing factors.
