Reflections on observed boards of directors Audit Committee good practices during covid 19.
Worthwhile video from Center for Audit Quality. Key takeaways: -need for regular stress testing via modelling and scenario analyses to ensure adequate liquidity, hardnosed capex management, pruning of variable and discretionary costs.
-timely reviews of any fundamental shifts in market prospects and their implications.
-awareness of elevated value-chain exposure to cybersecurity risks and deployment of countermeasures backed by proactive communications.
-need for elevated and sustained committee communications with auditors
-assessment of effect of remote meetings on quality of committee oversight.
-assuring effective review and response to rapidly evolving enterprise risks.
-elevated and sustained communications with internal and external stakeholders and not just shareholders.
-remaining vigilant on COVID threat: it ain't over till it's over!
-staying true to longer term objectives and preparing for life after the crisis.
