Protiviti’s January 7 webinar, The 2016 Audit Committee Agenda, drew a large and diverse audience and a lot of interesting and relevant questions were asked. In this article, Jim DeLoach and David Brand take turns answering some of the questions that couldn't be addressed live due to time.
Questions addressed in this article include: How involved should the audit committee be in inspecting its independent auditor? Does the new Financial Accounting Standards Board (FASB) lease accounting standard (requiring both financing and operating leases to be accounted for on the balance sheet) apply to both public and private companies, and are there any exceptions? Have you seen any best practices that organizations have used to get everyone on board with the idea that cybersecurity is a business issue, not simply an IT issue? Our board engagement and level of understanding of cybersecurity are not aligned. How would you address this?