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A Global View
While our international survey identifies common trends among audit committees across the globe, a number of significant differences are evident when comparing
the global trends with responses from individual countries
- Financial Reporting and Controls
Ongoing economic uncertainty and volatility, coupled with pressures on management to improve operating results and do more with less, continue to put financial reporting and compliance systems under considerable stress
- Financial Communications
The continuing economic uncertainty has prompted audit committees to increase their focus on all financial communications
- Transparency and Information Quality
Audit committees are placing a premium on the quality and flow of information from management—the backbone of the company’s decision-making
- versight of Risk Management
As their companies wrestle with understanding the velocity and impact of risk events, the link between strategy and risk, and mitigating risks, the role of the audit committee in the oversight of risk is a topic of considerable debate inside and outside the boardroom
- Interaction with the CFO and Auditors
Key personnel in the finance team may be stretched, CFO succession plans may need more attention, external auditors are being asked for more insight on key issues, and internal audit plans may need to be more focused on operational and strategic risks facing businesses
- A udit Committee Performance
While many respondents rate their audit committee as “effective’’ (with wide disparity among countries in the self-ratings) challenges remain, they say, in a number of significant areas