Risk management is now top priority for audit committees ahead of traditional accounting judgements and estimates
Risk management is now top priority for audit committee members, considered ahead of traditional accounting judgement and estimates and internal controls as the credit crunch shows no sign of letting up and the economy grinds to a halt, according to the yearly annual Audit Committee Member Survey conducted by KPMG’s Audit Committee Institute (ACI).
The survey of almost 150 UK audit committee members of public companies, and more than 1000 audit committee members globally, on their perspectives and priorities for the year ahead, revealed less than half of audit committee members, at 46%, were very satisfied that their company had an effective process to identify the potentially significant business risks facing the company; and even fewer, at only 38%, were very satisfied with the risk reports they received from management.
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