Confession is good for the soul, and likewise, disclosure is good for the audit committee. And unfortunately, knowing exactly what to say can be difficult for both.
Traditionally, the audit committee was responsible for disclosure of financial data: quarterly and annual reports, statements on internal control, compliance risks, and the like. Those chores are still the committee’s priority, to be sure, but today the audit committee has a role in monitoring—and disclosing—many other corners of company operations.
