Audit committees in risk overload

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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 so says a survey by KPMG. The survey took in the views of almost 150 UK audit committee members of public companies, and over 1,000 committee members globally. It revealed that risk management is now the clear first priority of audit members, surging ahead of the more traditional areas of committee activity such as accounting judgements and internal controls.

Only 46% of audit committee members were very satisfied that their company has an effective process to identify potentially significant business risks. Worse, only a meagre 38% were very satisfied with the risk reports they received from management.

KPMG at...

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