Audit committees fear litigation

Audit committees fear litigation

Audit committees feel more exposed to litigation and prosecution than other board members

The members of audit committees feel more exposed to legal action than other
board members but are not remunerated significantly more than other
non-executives.

Research conducted by KPMG of 1200 audit committee members in 17 countries,
found that this sentiment was especially marked in the US and Canada but
remained generally high in all countries.

Tim Copnell, director of KPMG’s UK audit committee institute said the results
suggested that non-executives were more concerned than chief executives and FDs,
because they felt they did not always see the ‘full picture’ as part time
executives.

‘Companies on both sides of the Atlantic say it is becoming harder to recruit
quality members onto their audit committees, and this looks set to continue,’
said Copnell.

Related Articles

PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

Audit PwC ordered to pay $625.3m over failure to detect Colonial Bank fraud

2w Alia Shoaib, Reporter
FRC to investigate KPMG’s Conviviality audit

Audit FRC to investigate KPMG’s Conviviality audit

2w Alia Shoaib, Reporter
June news roundup with Alia Shoaib

Audit June news roundup with Alia Shoaib

2w Alia Shoaib, Reporter
FRC opens investigation into Deloitte’s audits of SIG

Audit FRC opens investigation into Deloitte’s audits of SIG

2w Alia Shoaib, Reporter
PwC auditor spent just two hours on BHS audit, says chairman

Audit PwC auditor spent just two hours on BHS audit, says chairman

3w Alia Shoaib, Reporter
FRC reports an “unacceptable deterioration” in KPMG audit quality

Audit FRC reports an “unacceptable deterioration” in KPMG audit quality

4w Alia Shoaib, Reporter
PwC fined a record £10m over BHS audit

Audit PwC fined a record £10m over BHS audit

1m Alia Shoaib, Reporter
KPMG fined £4.5m over Quindell audit misconduct

Audit KPMG fined £4.5m over Quindell audit misconduct

1m Alia Shoaib, Reporter