ERM Initiative and AICPA present workshop on Audit Committee's Role in Risk Oversight

April 1, 2008 - The Enterprise Risk Management Initiative faculty at North Carolina State University’s College of Management and the American  Institute of Certified Public Accountants recently presented a workshop in New York entitled  “The Audit Committee’s Role in Risk Oversight: Taking a Strategic View of the Enterprise.”

The workshop, held March 27 and March 28, gave audit committee members a better understanding of emerging expectations for greater oversight of enterprise risk management (ERM). Participants learned about effective audit committee practices and techniques to evaluate and monitor an organization’s risk areas to protect and enhance stakeholder value.

“The volume and complexity of risks affecting today’s global enterprises are increasing at unprecedented levels,” said Mark Beasley, Deloitte Professor of Enterprise Risk Management and director of the ERM Initiative.

“The Institute is committed to advancing the body of risk-management knowledge,” said Chris McKittrick, director of members in business and industry at the AICPA, sponsor of the forum.

The high-level forum—limited to 60 participants—offered an interactive setting for leading experts on emerging trends in ERM and audit committee governance and strategic planning. It provided an opportunity for the exchange of ideas among individuals currently serving in audit committee roles. Participants who are CPAs were able to receive 12.5 hours of continuing professional education (CPE) credit for attending this workshop.

“Expectations are emerging rapidly for boards of directors and audit committees to expand their oversight of management’s processes related to risk management and the entity’s related risk exposures,” Beasley said. “This course focused on best practice techniques employed by boards and audit committees to ensure they have a robust, top-down view of risks affecting the enterprise.”