2009 promises to be a challenging year for audit committees. Without a doubt, the financial crisis has increased uncertainty and created changes to strategic plans, operating budgets and organizations. Uncertainty and change increase the need to identify, understand and manage risk effectively.

This issue of The Bulletin provides observations and ideas and matters to consider for boards of directors and their audit committee to get through the trying times in the upcoming year. The agenda items we have listed are significant matters warranting audit committee attention.