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Audit Committees Feel “Very Effective,” Despite Crisis

Global Glimpses | July 9, 2009

The quality of corporate governance among the world’s leading companies has been widely criticized of late, with some blaming poor boardroom practice in the financial sector for the global downturn. But audit committee members around the world feel they have been doing a good job, according to a new KPMG survey: 89 percent rated themselves as very effective.

Despite that sanguine view of their personal performance, the survey suggests most audit committee members do have concerns about the quality of governance in their organization. Some eight out of ten (76 percent) said they were taking a fresh look at the adequacy and effectiveness of their governance processes for managing risk, for example.

Nearly nine out of ten (86 percent) audit committee members feared that the risk of...

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