KPMG’s Audit Committee Institute surveyed more than 1,300 audit committee members around the world to better understand the key challenges and concerns facing audit committees, boards, and their companies.

The key message from this year’s survey is that audit committees continue to express confidence in their oversight of core responsibilities. But 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.

• Ensure that the finance organisations has the talent and skills to conserve quality financial reporting;
• Regulatory compliance and focused internal audit and cybersecurity are the main concerns;
• Few are confident that their company’s current enterprise risk management processes capture “disruptive risks”;
• Maximising the role of internal audit’s value continues to be a primary concern; and
• Companies should not continue to provide semi-annually or quarterly earnings guidance.

We hope you find these survey results helpful in sparking robust discussions with your audit committee, board, and management as you work to keep pace in a fast-changing environment — and on course for long-term performance.