KPMG’s Audit Committee Institute surveyed audit committee members from more than 34 countries to identify broad international trends and audit committee challenges. While the audit committee members surveyed were from a far wider set of corporate entities than mutual funds, many of the areas of concern are similar to those faced by fund audit committees.
Key findings of the survey include:
- Regulation, uncertainty and volatility, and operational risk are top challenges today.
- The audit committee’s job continues to grow more difficult.
- The quality of information about cyber risk, technology and innovation, and global systemic risk is falling short.
- Most companies don’t have a CFO succession plan in place.
- Leading indicators and non-financial drivers of long-term performance are often elusive.
- Internal audit should also be looking at risk management, IT and operational risk – but may lack necessary skills and resources.