In the face of new requirements and areas to oversee, Audit Committees have expanding duties ahead. Overall, board audit committees may have their own approach and set their agendas at different levels of priority and plans. Nevertheless, insights from many accounting and consulting firms note there are many common areas audit committees must address this year. Examples of key areas to address are:

• Cybersecurity trends and related governance. Receive regular updates from managers responsible for top cybersecurity risks. Set expectations to provide assurance that the people, processes and technology are effectively in place to manage cybersecurity risk.
• Company use of generative artificial intelligence. Assess if training, operations and governance are addressing the AI impact, such as responsible use of it, careful protection of date, oversite practices, disclosures, reporting and metrics and how to stay in compliance as required. Understand the organization’s adoption of AI and the risk management work to ensure it is responsibly applied.
• Climate reporting and other sustainability disclosures. US companies with entities in the EU must understand their obligations related to the EU Corporate Sustainability Reporting Directive (CSRD) and EU Corporate Due Diligence Directive (CS3D).  Audit committees should work with management teams to comply, including whether adequate processes, controls and technologies are in place to provide quality reporting.
• Internal audit areas of focus. the IIA issued new Global Internal Audit Standards, which were launched on January 9, 2025. The Standards aim to help internal auditors define and fulfill their mandate and provide a framework of principles, requirements, and examples for practice of internal auditing globally.    The audit committee has a key role in overseeing the internal audit function and supporting its effectiveness. Understanding the new standards is It is critical for the audit committee to understand the new standards and to enhance its oversight of the internal audit function.

• Compliance and corporate integrity. T]he U.S. Department of Justice (DOJ) updated its Evaluation of Corporate Compliance Programs (ECCP) guidance in September 2024. The ECCP guides in evaluating whether the company’s compliance programs are effective and will hold up under the DOJ’s scrutiny.  Board audit committees must understand these updates and their impact. They should consider any improvements on the organization’s compliance program to verify effectiveness.
• Audit committee composition and effectiveness.  The continued expansion of the audit committee’s oversight responsibilities beyond its core oversight responsibilities (financial reporting and related internal controls, and internal and external auditors) has heightened concerns about the committee’s bandwidth and composition and skill sets.  Assess whether the committee has the time and the right composition and skill sets to oversee the major risks on its plate. Management – and internal audit – provide high-quality and concise information with the right context, rather than disparate data points, An effective audit committee demands an enterprise wide, big-picture view rather than reporting from multiple parties and silos to identify potential blind spots.  The audit committee should collaborate with members of management and internal audit to ensure the reporting the committee receives is succinct, strategically relevant and implementable.
• Fraud risk exposure. Audit committees are responsible for oversight of the management’s fraud prevention program. It is best to add focus understanding of the robustness of management’s anti-fraud programs, including its fraud risk assessment process, and how management uses technology to evaluate, measure and mitigate fraud risks should be a keen focus area. The audit committee must understand how management has updated internal controls to address risks associated with suppliers and other third parties.
• New PCAOB standards. Audit committees should discuss the status of the firm's auditor’s preparations for the PCAOB's new quality control standard, QC 1000, A Firm's System of Quality Control, which the SEC approved in September 2024. 

• Daniel Goelzer  Public Company Auditing | Audit Committee and Auditor Oversight Update
• EY Center for Board Matters, What audit committees should prioritize in 2025.

• KPMG Board Leadership Center, On the 2025 audit committee agenda.
• Protiviti, Setting the 2025 Audit Committee Agenda.
• PwC Governance Insights Center, Approaching the 2024 year-end financial reporting season.