The importance of periodically evaluating the business model, managing profitability, controlling costs and managing risk is not only a sign of the times, but also is essential to sustaining longer-term performance. Internal audit committees should evaluate their composition and current charter to ensure they are up to the challenge.

In this issue of The Bulletin, we provide concepts for consideration by boards of directors and their audit committees as 2010 unfolds, and describe 10 major challenges businesses face as they set the 2010 audit committee agenda. These 10 mandates are based on our interactions with client audit committees, roundtables we have conducted, and discussions with directors at conferences and other forums.