Audit committees in focus: Trends shaping oversight

Christine Davine is the managing partner of Deloitte’s Center for Board Effectiveness, which helps directors fulfill their oversight responsibilities. The Center’s programs support both experienced and aspiring board members in all aspects of board service including focus areas such as governance, audit, strategy, risk, crisis management, innovation, technology, and succession. She is a vice chair in Deloitte’s Audit & Assurance (A&A) business and contributes to the strategic direction of A&A as a member of the executive leadership team. She serves some of Deloitte’s most strategic clients and has an extensive record of working with boards of directors and members of management of large, global organizations across industries. Previously, Christine served as the managing partner of Quality, Risk & Regulatory for A&A leading Deloitte’s Professional Practice Network of nearly 400 partners and professionals and contributed to setting policy and methodology for addressing complex technical matters in accounting, auditing, and risk management; engaging with regulatory bodies and other stakeholders; and driving global quality initiatives. Christine was a recent member of the Public Company Accounting Oversight Board’s (PCAOB) Standards and Emerging Issues Advisory Group, which advises the PCAOB on existing and proposed auditing standards as well as emerging audit issues. She also chaired multiple committees for the Center for Audit Quality (CAQ), to include: the Professional Practice Executive Committee, which provides a forum for firms to discuss SEC and PCAOB technical and regulatory matters; and the CAQ Advisory Council, which advises on the CAQ’s strategic objectives. She is a frequent speaker and author on current and emerging matters related to corporate governance, regulatory, auditing, accounting, and financial reporting and holds the National Association of Corporate Directors (NACD) Directorship Certification®. Prior to joining Deloitte, Christine spent eight years with the US Securities and Exchange Commission (SEC) in the Division of Corporation Finance and was an associate chief accountant in the Office of the Chief Accountant. She is a licensed CPA in Virginia and Washington, D.C. and holds a BS in accounting from the University of Virginia and an MBA in finance from The George Washington University.

Krista Parsons leads Deloitte's Audit Committee Program, which focuses on bringing together boards and audit committees worldwide to strengthen governance practices and oversight effectiveness. An Audit & Assurance managing director with Deloitte & Touche LLP, she has also spent more than a decade as a member of Deloitte's Center for Board Effectiveness, advising audit committees, public and private company boards, and senior executives on governance responsibilities, emerging risks, and boardroom leading practices. Krista is a recognized voice in the governance community, engaging board audiences both at major governance conferences and programs and in direct, one-on-one counsel with directors and audit committee members. She is an author of widely read articles and papers on audit committee effectiveness, board oversight, and related topics. She leads the Audit Committee Lab program, which is designed to help audit committees identify their priorities and enhance effectiveness – particularly during periods of organizational or personal transition. She also serves as New York board champion for Deloitte's Board-Ready Program, which helps prepare senior executives for their first for-profit board role. Earlier in her career, Krista spent more than 10 years serving clients within Deloitte's Audit & Assurance business, grounding her governance advisory work in firsthand experience with the financial reporting and internal control issues audit committees oversee. Krista is a licensed CPA in New York and New Mexico and a member of the AICPA. She also serves on the advisory board of the New York All Stars Project.