Today’s audit committees face a fast-evolving landscape, where strong oversight and adaptability are non-negotiable. To keep pace, committees must sharpen their focus on financial reporting, internal controls, compliance and risk management, while also embracing new challenges like ESG disclosures, artificial intelligence and cybersecurity. By asking the right questions and regularly evaluating their own effectiveness, audit committees can uncover blind spots, strengthen decision making and ensure they’re ready for whatever comes next.

This guidance is especially timely as regulatory expectations rise and stakeholders demand greater transparency. Success hinges on developing key skills such as financial acumen, leadership and a keen sense of risk, while cultivating independence, diversity and open collaboration. Practical strategies include refining meeting practices, aligning with enterprise risk management, and fostering proactive dialogue with management and auditors. Committees are encouraged to build robust governance structures, stay ahead of regulatory and technological shifts, and leverage specialist expertise in areas like sustainability and AI. The ultimate message: audit committees that commit to ongoing self-improvement will be best positioned to uphold integrity, drive value and navigate the complexities of the modern business world.

Key Takeaways:

• Prioritize strong oversight of financial reporting and risk management.
• Stay alert to emerging issues in ESG, AI and regulations.
• Foster open communication and teamwork with management and auditors.
• Embrace regular self-assessment to continuously raise the bar.