Audit Committees Concerned About IT Risk

The 2011 Public Company Audit Committee Member Survey - just released by KPMG's Audit Committee Institute - provides timely insights into the challenges, priorities, and expectations of today's audit committees.
Among other key findings, many of the 250 audit committee members responding to the survey said:

• They are not satisfied that their oversight of various IT risks is effective, or that the company's strategic planning process deals effectively with the pace of technology change and innovation.
• The one person they would most like to hear from more frequently is the CIO.
• They want to spend more time with the CRO and mid-level management/business-unit leaders; and few are satisfied that they hear dissenting views about the company's risks and control environment, or rate their company's crisis response plan as "robust and ready to go."
• The audit committee is devoting significant agenda time to legal/regulatory compliance risk, with the Foreign Corrupt Practices Act (FCPA), UK Bribery Act, and impact of the SEC's whistleblower "bounty" program of particular concern.
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• Read KPMG's 2011 Public Company Audit Committee Member Survey