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Audit Committees, Operational Risk, and Unease

Matt Kelly | February 2, 2015

Don’t die of shock here, but audit committees are still overworked and unsure how to handle new risks confronting Corporate America.

So says the 2015 edition of the KPMG Audit Committee Survey, whose findings sound strikingly similar to the 2014 report one year ago. Audit committees are confident in the support they get from compliance officers about financial reporting and regulatory risks, very confident in their own abilities to digest all that information, and lost in the woods with cyber-security.

Let’s start with the good news on financial reporting. On all major tasks within that broad category—assessing adequacy of financial controls, evaluating the external auditor, reviewing financial filings, and the like—a large percentage of audit committee members said they spend the right amount of time on those issues, and don’t expect to need more time on them in 2015...

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