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Big 4 reports increasing difficulties for Audit committees in 2015

Posted by | January 27, 2015 | Big 4 Accounting firms, Internal Audit, Latest Audit Information & News, Risk Audit

Economic and political uncertainty fused with volatility, regulatory compliance, and operational risk continue to cause major angst among global audit committees, a survey bu Consulting giant KPMG has revealed.
The survey of over 1,500 audit committee members across 36 countries exposed that for the second successive year, respondents reported that they found it “increasingly difficult” to oversee major risks in addition to financial reporting.

Three out of four respondents said the time required to carry out their audit committee responsibilities had risen significantly (24%) or moderately (51%), while half said the role was increasingly difficult given the committee’s time and expertise.
In addition to financial reporting members of the committee admitted overseeing further risks such as cyber security

Tim Copnell, chairman of KPMG’s UK Audit Committee Institute, said: “The resounding message is that the audit committee can’t do it all. Overseeing financial reporting and audit is a major undertaking in itself, and the risk environment is clearly straining many audit committee agendas today.”

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