KPMG's 2011 Public Company Audit Committee Member Survey

Of the many issues on their plate, audit committee members say they want to devote more time over the next 12 months to IT risk and emerging technologies, risk management, corporate strategy, and the impact of public policy initiatives on the company's compliance, controls, and reporting. Growth and "innovation risk" are also front-and-center.

These and other findings highlighted in the 2011 Public Company Audit Committee Member Survey - just released by KPMG's Audit Committee Institute - provide timely insights into the challenges, priorities, and expectations of today's audit committees.

Among other key findings, many of the 250 audit committee members responding to the survey said:

• They are not satisfied that their oversight of various IT risks is effective, or that the company's strategic planning process deals effectively with the pace of technology change and innovation.
• The one person they would most like to hear from more frequently is the CIO.
• They want to spend more time with the CRO and mid-level management/business-unit leaders; and few are satisfied that they hear dissenting views about the company's risks and control environment, or rate their company's crisis response plan as "robust and ready to go."
• The audit committee is devoting significant agenda time to legal/regulatory compliance risk, with the Foreign Corrupt Practices Act (FCPA), UK Bribery Act, and impact of the SEC's whistleblower "bounty" program of particular concern.