New Audit Committee Report Released

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Report of the NACD Blue Ribbon Commission on the Audit Committee

The Audit Committee

This morning, Mary Pat McCarthy, executive director of KPMG’s Audit Committee Institute, led an excellent discussion on NACD’s recently released Report of the NACD Blue Ribbon Commission on the Audit Committee.

The panel was composed of the experienced and knowledgeable co-chairs of the Report: Dennis Beresford, director of Fannie Mae, Legg Mason, Kimberly-Clark, and NACD; and Michele Hooper, director of UnitedHealth Group, AstraZeneca, Warner Music Group, PPG Industries, and NACD. 

The regulatory environment has dramatically changed for the audit committee, since the Report was last updated in 2004. In response, NACD commissioned a rewrite of the Report, which is already a top seller. According to Mary Pat McCarthy, “clearly, [this] one report will benefit all.” 

Beresford stressed that while the Report is not a “guide to audit committees,” it provides invaluable guidance on leading issues, such as: the audit committee’s responsibility in risk oversight, the relationship between the audit committee and the internal and external auditors, and setting the agenda.

For the full report include the 10 principles, visit our bookstore.

Michele Hooper
Dennis Beresford
Mary Pat McCarthy
Michele J. Hooper, Director, UnitedHealth Group; PPG Industries, Inc., Warner Music Group Corporation, AstraZeneca PLC, NACD Dennis R. Beresford, Director, Fannie Mae, Legg Mason, Kimberly-Clark, NACD Mary Pat McCarthy, Executive Director, KPMG’s Audit Committee Institute, and U.S. Vice Chair, KPMG LLP

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