- A list of regulations relevant to the business and the impact they have
- Any gaps in existing controls and plan to close those gaps
- Tracking of regulatory and business changes and status of addressing those changes
- Results of control testing and monitoring and remediation activities
CFO Perspective: Presenting Regulatory Compliance to Your Audit Committee
By
Keri Bowman
2-min read
CISA-certified GRC and IGA expert specializing in SAP security, GRC and Converged IGA implementations.
The Audit Committee plays a critical role in reviewing an organization’s strategy for achieving
compliance with accounting regulations and standards and the resulting internal controls over financial reporting. However, they are increasingly getting involved in the oversight of risks related to industry and workplace regulations on the business. Key findings from a recent KPMG Audit Committee survey showed that the majority of audit committee respondents pointed to government regulation and legal/regulatory compliance as risks posing the greatest challenges for their companies.
As the primary executive that interacts with the Audit Committee, we are in a unique position to help them get the information needed to gain a comprehensive understanding of how the company is managing regulatory requirements across the organization. We should be able to help them answer: Who is accountable for achieving and maintaining compliance? How do we monitor the controls taking place? What impact do regulatory changes have on our internal policies? How do we prove compliance?
One effective element to accomplish this is to provide the Audit Committee with a single view of compliance data and activities. High level reports could include:
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