Three Things US Audit Committee Members Should Consider Now

Keywords: auditor independence, cybersecurity, FCPA / bribery risks

Audit Committees have seen their responsibilities increase dramatically in 2014. Additionally, they have also faced increased regulatory scrutiny, potential liabilities and proxy and shareholder activist opposition to the re-election of Audit Committee members to the board of directors of the company.

This Legal Update focuses on Auditor Independence, Cybersecurity and FCPA/Bribery risks that should be considered by Audit Committees of public companies in 2014 and beyond. Companies that may not initially consider "public company"-type corporate governance requirements, including US private companies considering an initial public offering ("IPO") or a "junk bond" financing or foreign private issuers considering accessing the US capital markets, also need to be mindful of these considerations for Audit Committees.