As uncertainty and disruption across the global business landscape are intensifying pressures on the risk and control environment in new and unexpected ways, the audit committee’s perspective can be invaluable for the business and the board.
To gain a better understanding of how audit committee members are managing their expanding workload and oversight responsibilities amid this uncertainty and disruption, we surveyed Irish audit committee members and chairs. (The Irish views were collected as part of a global survey conducted by the KPMG Board Leadership Centre and Audit Committee Institute in February and March 2023.)
The following are some of the key takeaways from our Irish survey findings.
- The audit committee’s focus and agenda are being impacted by macro-trends and related risk and complexity.
- While the full board oversees mission-critical risks, the audit committee’s risk oversight responsibilities continue to expand.
- Audit committees are heavily involved in overseeing ESG and sustainability disclosures, and many should anticipate even deeper involvement.
- Risk management and reporting are generally viewed as strong but potential gaps in oversight identified.
- Skills and expertise of the Audit Committee in focus.
- Key adjustments would improve the audit committee’s effectiveness – starting with more in-person time between meetings.
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We hope the findings will help spark robust conversations with your audit committee, board, and management as you navigate the challenges ahead.
If you have any queries on the survey findings, please contact our ACI team; we'd be delighted to hear from you.