According to PricewaterhouseCoopers Study for The Institute of Internal Auditors Research Foundation
Audit committee chairs are concerned about having enough time to discharge all their duties effectively, according to Audit Committee Effectiveness - What Works Best (3rd Edition), a PricewaterhouseCoopers study released today. Given their increased workload, audit committees must resist the temptation to "do everything themselves," notes Catherine Bromilow, PricewaterhouseCoopers partner and chief author. The new book is the third edition of a publication designed to provide audit committees with clear, timely direction for meeting stakeholders' ever-growing expectations.
In conducting the study, PricewaterhouseCoopers found that audit committee chairs expressed concern about whether their responsibilities had expanded "beyond reason," particularly given the increased scrutiny audit committees are receiving.
"Audit committees are looking for guidance regarding their new and manifold responsibilities. They have a lot on their plates and so they need help to ensure they see the forest, not just the trees," says Ms. Bromilow, partner with the Corporate Governance Group of PricewaterhouseCoopers. "This study is meant to help them affect what experienced directors describe as their role: 'noses in, fingers out.'"
See full Press Release.
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