KPMG has published a summary of their Audit Committee Institute’s roundtable, which includes reference to a survey of audit committee members. Health Skepticism Rules: The 2011 Audit Committee Agenda doesn’t have any earth-shattering new revelations — but remains a useful read. It identifies the top concerns for audit committees as:
- Risk management and crisis response.
- Financial communications/disclosures and new accounting standards/convergence.
- Legal/regulatory compliance.
- Uncertain economy and government regulation.
- Leadership/culture/tone at the top.
- IT/emerging technologies (cloud computing).
- Audit committee effectiveness (composition/self-evaluation).
- Globalization (off-shoring, supply chain).
All of these are areas where the CAE can assist, whether it’s by being a consultant (for example, helping the audit committee determine how to add risk management oversight to its already heavy burden) or by ensuring that internal audit is providing assurance on the high risk areas.
Do you agree?