According to our survey of more than 1.300 audit committee members, audit committees continue to express confidence in their oversight of core responsibilities—financial reporting integrity and audit quality. However, it is also clear that technological innovation, digital disruption, and the complexity of business are exerting greater pressure than before – and sharpening the focus on risk management and internal controls.

Key takeaways:

  • Helping ensure that the finance organization has the talent and skills to maintain quality financial reporting is one of the audit committee’s greatest challenges.
  • Aside from the core oversight role, cybersecurity ranked number one as top priority across Europe and the US/Canada. In these regions, culture, cyber being a siloed “IT” risk, and talent and expertise, were also cited as critical challenges. Gaps in managing cyber risk virtually doubled versus our 2017 Global Audit Committee Survey as it relates to organizational awareness and culture.
  • Few are confident that their company’s current enterprise risk management processes capture “disruptive risks.” Versus our 2017 Global Audit Committee Survey though, we do see a sharp upward trend in robustness of ERM systems, seemingly indicating that many companies have been investing heavily in ERM over the last two years.
  • Year over year, maximizing the role of internal audit’s value continues to be seen as a top priority by maintaining flexibility to adjust the audit plan in response to changing business and risk conditions.
  • Almost one-third of respondents also suggested that internal audit add culture considerations to existing audits or undertake a stand-alone culture audit. 

Read the full report for a comparison of the main differences between the global results and the Belgian respondents. 

About BLC

The Board  Leadership Center offers non-executive and executive board members and those working closely with them (including CROs and Heads of Internal Audit) a place within a community of board-level peers and access to topical seminars and ‘lunch and learn’ Board Academy sessions, invaluable resources and thought leadership, and lively and engaging networking opportunities.

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