Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Audit committees cite increased risks, complexities as top challenges for '14  Join our daily free Newsletter

MENAFN - The Peninsula - 04/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Audit committees around the world have highlighted that it is becoming increasingly difficult to oversee major risks in addition to financial reporting due to heavy workloads, according to KPMG's 2014 global audit committee survey.



CFO succession and risk oversight are also key challenges as companies face increasingly complex regulatory and operating environments. KPMG interviewed 1,500 audit committee members in 34 countries



Although the survey found that many audit committees have primary responsibility for a number of critical risks facing the company such as legal/regulatory compliance, anti-bribery/corruption, financial, and/or IT and cyber security risks 43 per cent said it is becoming "increasingly difficult" to oversee those risks.



Jeyapriya Partiban, Partner, Risk Consulting, at KPMG in Bahrain said: "Audit committee agendas are not getting any lighter. Overseeing financial reporting and audit, and ensuring those activities have the right resources and talent, is a job in itself. This survey suggests that perhaps it is time to step back and assess whether the audit committee's risk oversight responsibilities are adequate and appropriate.



While audit committees are satisfied with much of the information they receive about key risks facing the company, nearly one in three said information about cyber security, emerging technologies, and the company's growth and innovation plans "needs improvement."



Jeyapriya added: "An overloaded audit committee is a less effective audit committee. Boards and management teams should assess the adequacy of their governance processes in critical areas. Companies need to be better prepared to respond to significant regulatory change, ethics and compliance issues, business model disruption, and major technology developments.



The survey found more than 80 per cent of respondents said internal audit's role should extend beyond the adequacy of financial reporting and controls to include other key risks facing the business. However, only 50 percent said internal audit currently has the skills and resources to be effective in the role they envision. Only 62 percent said they are satisfied the company has identified "leading indicators" that show where the company is headed and whether its strategy is on track



The top challenges facing companies are: uncertainty and volatility; operational risk; human resources; technology change; business model disruption; cyber risk; and innovation


 


The Peninsula




  MENA News Headlines
 Nov 23 2014 - UAE- How to get in the mood to train this winterKhaleej Times
(MENAFN - Khaleej Times) As the mercury drops tennis player Belinda Bencic shares some tips on how to get in the mood to train this winter The winter seasongives plenty of excuses not to workout ...

 Nov 23 2014 - UAE- Rivermaya mentors talent in Battle of the BandsKhaleej Times
(MENAFN - Khaleej Times) Kristine Abante speaks to iconic Filipino band Rivermaya who were recently in Dubai. A week after their hugely successful Dubai concert the Philippines’s ...

 Nov 23 2014 - UAE- Steve Jobs biopic seeks producerKhaleej Times
(MENAFN - Khaleej Times) Universal studios is said to be interested in the project with an eye to next years awards season. Los Angeles: Late Apple co-founder Steve Jobs’ biopic has reportedly ...

 Nov 23 2014 - Henrik Stenson inches ahead in DubaiKhaleej Times
(MENAFN - Khaleej Times) Stenson occupies the top position on the leaderboard of the $ eight million DP World Tour Championship. Henrilk Stenson hit seven birdies and a bogey on the three par ...

 Nov 23 2014 - Dubai Test ends in thrilling drawKhaleej Times
(MENAFN - Khaleej Times) While both teams came up with moments of great quality in the second Test it was New Zealand that won your heart. Taylor celebrates his century as Mark Craig applauds during ...

 Nov 23 2014 - UAE- Nico Hulkenberg eyes winning comboKhaleej Times
(MENAFN - Khaleej Times) The watchmaker is proudly Dutch while the 27-year old German Formula One ace has nerves of steel to land the world title one day. Nico Hulkenberg during the TW Steel watches ...

 Nov 23 2014 - UAE- Eida bags two International Finance Magazine awardsKhaleej Times
(MENAFN - Khaleej Times) The authority bagged the first award in recognition of its project of using its smart ID card in banking transactions. Abu Dhabi — The Emirates Identity Authority ...

 Nov 23 2014 - UAE- Toddler rescued from locked car in Ras Al KhaimahKhaleej Times
(MENAFN - Khaleej Times) Despite the high temperature the boy identified only as H. Ras Al Khaimah — A Civil Defence team came to the rescue of a two-year-old boy who was trapped in his ...

 Nov 23 2014 - Zayed Giving intensifies voluntary work in AfricaKhaleej Times
(MENAFN - Khaleej Times) The initiative also intensified the work of its voluntary teams at the local and international levels in various health educational and cultural fields. Abu Dhabi — ...

 Nov 23 2014 - C-shaped cutouts in City Centre malls across UAEKhaleej Times
(MENAFN - Khaleej Times) Six malls across the country in different Emirates City Centres in Dubai Sharjah Fujairah and Ajman will host cultural and arts-themed events that showcase the UAEs proud ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help