2023 Audit committee survey insights

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 serve as a bellwether 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 144 U.S. audit committee members and chairs. The U.S. views were collected as part of a global survey conducted by the KPMG Board Leadership Center and Audit Committee Institute in February and March 2023.

The following are some of the key takeaways from our U.S. survey findings.

• The audit committee’s focus and agenda are being impacted by macrotrends 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 with key areas of concern related to digital activities, potential gaps in oversight, and talent.
• The audit committee’s skills and expertise are getting a closer look.
• Key adjustments would improve the audit committee’s effectiveness—starting with the quality and flow of information.

In addition to the U.S. results, the report includes an appendix of survey data from audit committee members and chairs from 19 countries.

We hope the findings will help spark robust conversations with your audit committee, board, and management as you navigate the challenges ahead.