Audit committees generally give themselves high marks for effectiveness, but want to see better oversight of management’s accounting judgments and estimates, according to a recent survey by KPMG’s Audit Committee Institute and the National Association of Corporate Directors.
More than 70 percent of audit-committee members participating in the poll rated their audit committee overall as “very effective,” and most said they had become more effective in the past year, according to the survey. At the same time, however, one-third of respondents said they are not fully satisfied with how their particular audit committee oversees the accounting judgments and estimates made by management, and most said they were not satisfied with the board or audit committee’s oversight of risk management.
