What Canadian audit committees should prioritize in 2024

EY Canada Center for Board Matters

What Canadian audit committees should prioritize in 2024Contents

Risk management

Financial reporting developments

Tax and other policy-related developments

Regulatory developments

Questions for audit committees to consider

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What Canadian audit committees should prioritize in 2024

Audit committees should work with management to understand how economic uncertainty, geopolitical volatility and other matters will impact the business in 2024.

In brief

Understanding the risks and opportunities around AI and other disruptive technologies will continue to be an area of focus for boards.
Global tax changes could have profound implications for multinational entities and their global tax obligations in 2024.
The ESG landscape is shifting rapidly with new standards being issued across jurisdictions.
Rulemaking and other actions could meaningfully shift regulatory requirements in the year ahead.

With the changing risk landscape, the audit committee’s role continues to become more demanding and complex amid the uncertain and dynamic business environment. This report will assist audit committees to proactively address developments in risk management, financial reporting, tax and the regulatory landscape.