Role of the audit committee in IFRS conversion

  • auditcommitteebrief.gif Image

01 Dec 2009

Deloitte (United States) has published an Audit Committee Brief newsletter on Making the Transition to IFRS: The Role of the Audit Committee. The newsletter identifies specific steps the audit committee can take, along with other board committees and management, to help develop the company's strategic plan on IFRSs.

The newsletter reviews examples of steps that companies in the United States are already taking in planning for an IFRS conversion, and identifies key questions for the audit committee to ask executive management. Click to download Making the Transition to IFRS: The Role of the Audit Committee (PDF 459k).

Considerations for the audit committee

  • What educational needs and goals does the audit committee have?
  • Has the audit committee considered the implications IFRS may have on the financial-expert designation?
  • Does the audit committee have an oversight plan for IFRS adoption, including the implementation process?
  • How will the audit committee remain informed about changes and the impacts of the company's IFRS transition?
  • How will IFRS adoption affect the duties and responsibilities of the audit committee for internal control and financial statement disclosures?
  • Is the audit committee aware of the accounting policy elections and various implications for the organisation?
  • What are the tax and systems implications of an IFRS implementation?
This page on IAS Plus has links to Many Other Publications about First-time Adoption of IFRSs.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.