Audit committees: How to handle scope creep
Since the Sarbanes-Oxley Act was enacted, audit committees have developed a strong reputation for overseeing process and procedures around critical audit and financial reporting issues. As a result, new risks of all kinds seem to find their way onto the audit committee agenda - a phenomenon known as 'audit creep.'
In this episode, Margaret Whelan, board member for Porch.com and PropTech Investment Corporation II, offers her insights and suggestions for overcoming audit creep:
- What type of audit committee structure is optimal for handling risk mitigation and oversight?
- What are the pros and cons of forming separate risk committees to handle risk issues outside of normal financial reporting?