That finding was among a number of key insights that came out of the 4th Annual Public Company Audit Committee Member Survey, recently conducted by KPMG’s Audit Committee Institute (ACI) in the U.S. and the National Association of Corporate Directors.
Nearly one in four audit committee members who responded to the survey expressed concern about the quality of information they receive in connection with their oversight of financial risks posed by the economic crisis — as well as other ‘significant risks facing the business,’ including those relating to IT, fraud, and tax.
Respondents said their top priorities for 2009 are:
- financial crisis / recession risks
- risk management
- financial statement issues and disclosures
- internal controls
More broadly, survey respondents said they have ‘increased their hands-on involvement’ with management as a result of the financial crisis. This involvement reflects a more-focused and intense oversight that directors are undertaking to meet the challenges and uncertainties of the emerging business and regulatory landscape — the ‘new normal.’
Previously published in ACI Insights — May 2009
