Audit Committee Networks, July 2020
Even though the coronavirus continues to pose a serious public health threat, governments around the world are trying to protect their economies by easing restrictions. As the crisis enters a new phase, companies are focused on restarting their businesses. Leaders are working hard on issues such as workforce deployment, company operations, and long-term strategy, and they are considering how to account for and report on the consequences of the pandemic.
From June 11 to June 26, 2020, Tapestry Networks convened a series of virtual meetings with the audit committee chairs of more than 100 large US public companies to discuss how boards and audit committees are responding to the COVID-19 crisis. EY experts and senior leaders joined the audit chairs in these meetings.
This ViewPoints synthesizes discussions about three themes that emerged in the meetings:
Workforce well-being remains a top priority for boards
Operational and strategic initiatives are under review
Financial reporting challenges are likely to persist through year end