Several financial reporting challenges and trends have emerged during the past few years, including three key qualitative characteristics of useful financial reporting: relevance, understandability, and timeliness. These characteristics have long been recognized as essential qualities in supporting financial, investment, and other economic decision making. As it is the audit committee’s responsibility to oversee the integrity of the company’s financial statements and financial reporting process, it is important that committee members understand these characteristics and work with management to strengthen their company’s financial statements.  

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Audit Committee Brief is a publication for audit committee members that provides best practices, an overview of corporate governance resources, updates on the regulatory environment, and references to relevant tools and resources.

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