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| Evolving Issues This section includes additional resources that we believe may be useful to audit committee members in providing oversight to the financial reporting process.
The Compliance Journey - Making Compliance Sustainable This KPMG white paper is intended to help companies focus on their ongoing efforts to comply with Sarbanes-Oxley. As companies reflect on the considerable efforts they undertook to achieve early compliance with section 404 of the Sarbanes-Oxley Act of 2002, they are also thinking about next year and beyond, when they must test, report, and certify internal control over financial reporting on an ongoing basis. In the years to come, an organization's ongoing compliance efforts will evolve, in keeping with other changes in its business environment and its need to create value. Over time, those efforts will help reduce compliance costs and risks. This document describes a model that can provide leaders with a means of evaluating their organizations to determine how they want their ongoing compliance efforts to evolve.
Tax Risk and Responsibility A white paper from KPMG LLP that was released in June 2003 discusses Tax Assessment Risk Review. The publication, Tax Risk and Responsibility (TRAR), highlights tax risk -- an area of financial reporting risk that affects almost every line on an organization’s income statement and balance sheet -- and includes particular focus on identifying and managing risk in the post-Sarbanes-Oxley business environment.
Enterprise Risk Management - Complacency Is No Longer an Option, But a Practical Start Is In an environment in which risks are proliferating, shareholders are demanding growth, and first-movers are expanding rapidly into new markets, many leaders recognize that implementing an enterprise risk management (ERM) program is becoming an urgent business priority. The KPMG's Advisory practice has produced a new white paper entitled "Enterprise Risk Management – Complacency is No Longer an Option, But a Practical Start Is" that explains that with a clear and practical vision and a few key steps, leaders can build on existing risk assessments to get an ERM effort under way.
Managing Business Continuity: 21st Century Challenges for Competitiveness This white paper examines the variety of issues that organizations face today. It introduces a framework for managing the risk of disasters in the context of managing the continuity of the enterprise from an information asset perspective. It also discusses a process for implementing a chosen business continuity strategy, integrating it with organizational strategy, and capitalizing on opportunities to achieve and sustain competitive advantage. Finally, the Appendix provides interviews with industry leaders whose thoughts reflect issues many organizations are now addressing.
A New Covenant with Stakeholders: Managing Privacy as a Competitive Advantage This white paper describes the challenges organizations face in balancing their customers' right to privacy with their own clear interest in using customer information to identify marketing opportunities that could help them better meet their customers' needs and expectations. It addresses how organizations can seek to develop a competitive advantage-as well as a new covenant with stakeholders-through the design and implementation of a comprehensive privacy risk management program.
New Strategies and Best Practices in Internal Audit: An Emerging Model for Building Organizational Value Focusing on Risk This report discusses how organizations benefit from an internal audit function that focuses on organizational strategies and risks. Intended audience: CEOs, COOs, CFOs, Internal Audit Directors, Board members, Audit Committee members.
Defining the Digital Future: Business and Accounting Issues KPMG's e-business publication identifies the major e-business accounting issues that today's companies face and provides KPMG's perspective on the implications and resolutions of those issues.
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