Audit committee chairs are concerned about having enough time to discharge all their duties effectively, according to a PricewaterhouseCoopers study.
Given their increased workload, audit committees must resist the temptation to "do everything themselves," said Catherine Bromilow, PricewaterhouseCoopers partner and chief author of Audit Committee Effectiveness - What Works Best. 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 must resist the temptation to fix everything they find wrong. While they should review information carefully -- and challenge management when necessary -- they should not be resolving everyday issues or making management decisions," said Bromilow. "Management must make the fixes. And committees should consider carefully whether they have time and resources to take on more responsibility before agreeing to do so."
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