PracticeAuditAudit committees need greater IT risk focus

Audit committees need greater IT risk focus

KPMG questions 1,300 audit committee members in 25 countries

security

Nearly a third (30%) of
audit committee
members around the world are not satisfied that their committee spends
sufficient time looking at IT risk issues, research by
KPMG’s Audit Committee Institute has
found.

It also found that a further 59% are only ‘somewhat’ satisfied with the time
spend looking a technology risks.

The research found that two-thirds of audit committee members have primary
oversight responsibility for issues relating to IT compliance and controls, with
half of them taking responsibility for oversight of business continuity issues
and 45% for information security/privacy.

Tim Copnell, director of KPMG’s Audit Committee Institute in the UK, said:
‘The survey showed that 9 out of 10 audit committee members felt they had
improvements to make in the oversight of IT risk issues. This is a worrying
trend given that organisations are now so dependent on IT.’

Further reading:

Corporates shun investor audit demands

Firms won’t ditch audit

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