* And increase their focus on company compensation structures
* Two thirds concerned that personal risks have increased
With the credit crunch showing no sign of diminishing and an economic slowdown seemingly taking hold, audit committee members are putting risk management at the top of their agendas, according to the annual Audit Committee Member Survey conducted by KPMG’s Audit Committee Institute (ACI). The survey - in which nearly 150 UK audit committee members of public companies, and over 1,000 audit committee members globally, shared their perspectives and priorities for the year ahead – revealed that risk management is now the clear first priority of audit committee members, ahead of the more traditional areas of accounting judgements and estimates, and internal controls.
In addition, only 46% of audit committee members are very satisfied that their company has an effective process to identify the potentially significant business risks facing the company; and only 38% are very satisfied with the risk reports they receive from management.
See full Press Release.
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