Audit committees in the United States and elsewhere are feeling the crush of regulatory demands, uncertainty, volatility, and operational risks, with only half of audit committees saying confidently they have the time and expertise they need to do their jobs effectively.
In a recent global survey of nearly 1,500 audit committee members, KPMG’s Audit Committee Institute found 43 percent who said they are finding it increasingly difficult to put forth the time and expertise necessary to oversee the major risks on their agenda on top of carrying out their usual oversight duties. Another 7 percent said they simply can’t keep up. The results for U.S. audit committees were similar, with 42 percent saying it’s hard to keep up and 5 percent saying it’s not possible.
