KPMG's Audit Committee
Institute
 Considerations Related to
the Current Financial Crisis
The current turmoil in the financial markets presents all audit committees
(not just audit committees of financial services companies) with the
critical challenge of understanding how the financial crisis affects
their company’s risk profile. From liquidity and access to capital,
to fair value and asset impairments, and ultimately, to the adequacy
of the company’s processes to manage these and other risks effectively,
audit committees are focused on the risks their companies are facing
in the current environment. Here are some critical risks—and key questions—that
audit committees should consider:
 Proposed Roadmap for
Mandatory IFRS Filings
by U.S. Public Companies
This edition of KPMG's Defining Issue reports on the SEC’s proposed “roadmap” for phasing in mandatory IFRS filings by U.S. public companies beginning for years ending on or after December 15, 2014.
ACI/NACD Audit Committee Member Survey (2007-2008) The Audit Committee Journey
Charting Gains, Gaps, and Oversight Priorities: A Global View
This publication highlights key findings from our 2008 international survey of audit committee members of public and nonpublic companies around the world. Conducted by the ACIs of KPMG International member firms, the survey focuses on an array of audit committee challenges and emerging issues, including oversight priorities and practices, overall effectiveness, and opportunities for improvement.
 Building Balance in the Boardroom: Highlights from the 2008 NACD Corporate Governance Conference
Excerpts from the plenary sessions of the 2008 NACD Annual Conference, covering a range of challenges and emerging practices affecting board oversight -- from risk management and board/shareholder communications, to executive compensation and key legal developments.
 Survey Finds Risk Oversight is Top Audit Committee Priority
Oversight of risk management has moved into the top spot on audit committee agendas for 2008, according to new survey findings from KPMG's Audit Committee Institute (ACI) and the National Association of Corporate Directors (NACD).
Read more about current audit committee priorities, key challenges, and emerging practices in ACI’s new survey publication: The Audit Committee Journey: Charting Gains, Gaps, and Oversight Priorities.
Roundtable Report: Current Business Environment Puts Risk Management, Oversight to the Test
If oversight of risk management wasn't at the top of the audit committee’s agenda before the "perfect storm" hit—subprime crisis, credit crunch, and market volatility—it probably is now. This Roundtable Report recaps ACI’s Spring 2008 Audit Committee Roundtable Series, where audit committee members, directors, and senior executives in 30 cities around the country discussed oversight challenges posed by the current business environment.
 Fair Value Measurements in Inactive Markets
This edition of KPMG's Defining Issue describes a proposed Staff Position issued by the FASB to clarify the application of Statement No. 157 in an inactive market and to illustrate how an entity would determine fair value in an inactive market. The proposed Staff Position is intended to provide additional guidance on fair-value measurement issues similar to those in the Questions and Answers document jointly released three days earlier by the SEC Office of the Chief Accountant and the FASB Staff. Comments on the proposed Staff Position are due by October 9, 2008, and a final Staff Position is expected shortly thereafter.
Ten To-Do's for Audit Committees in 2008
ACI offers 10 suggestions for audit committees as they carry out their 2008 agendas, including being a catalyst for improving risk management and oversight, taking a hard look at the audit committee's performance, and closely monitoring management's disclosure committee.
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