Audit committees need greater IT risk focus
KPMG questions 1,300 audit committee members in 25 countries
KPMG questions 1,300 audit committee members in 25 countries
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
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article