2017全球审计委员会意向调查（英文版）_34页_1mb

2017 Global Audit Committee Pulse Survey Summary

Core Content

The 2017 Global Audit Committee Pulse Survey by KPMG highlights the challenges and priorities faced by audit committees worldwide. The survey, based on responses from 832 audit committee members, provides insights into the evolving landscape of corporate governance and risk management.

Main Challenges and Priorities

1. Risk Management is a Top Concern

• Risk management is identified as the most pressing challenge by audit committees.
• Over 40% of respondents believe their risk management systems require substantial work.
• Committees also face difficulties in overseeing major risks due to the complexity and volatility of the business environment.
• Legal and regulatory compliance, cyber security risk, and controls around risks are also highlighted as key challenges.
• The focus is shifting from prevention to detection and containment of cyber threats, with attention on "adjacencies" as potential entry points for hackers.

2. Internal Audit's Role

• Audit committees expect internal audit to focus on operational risks and controls, not just compliance and financial reporting.
• Flexibility in audit plans and collaboration with other governance, risk, and compliance functions are encouraged to avoid duplication and ensure comprehensive oversight.
• Internal audit should be redefined to support greater risk oversight and business strategy alignment.

3. Tone at the Top, Culture, and Short-Termism

• Tone at the top and culture are major concerns, with one in four audit committee members citing them as top challenges.
• Short-term pressures and the misalignment of short- and long-term priorities are also significant issues.
• Committees are not satisfied with the current focus on these areas, emphasizing the need for greater board engagement and organizational culture reinforcement.

4. CFO Succession Planning and Finance Organization Readiness

• CFO succession planning is a critical weakness, with 44% of audit committees not satisfied with the agenda focus.
• Bench strength and talent development in the finance organization are also areas of concern.
• Audit committees want to devote more time to the finance function, including training, resources, and succession planning.

5. Implementation of New Accounting Standards

• Revenue recognition and leasing standards are major upcoming changes that require clear implementation plans.
• Less than 15% of audit committees have a clear plan for the revenue recognition standard.
• Less than 10% have a clear plan for the leasing standard.
• These standards have significant implications for systems, controls, and resources.

6. Non-GAAP Financial Measures

• Audit committees should pay more attention to non-GAAP financial measures, which are under regulatory scrutiny.
• Nearly 25% of respondents report a very limited role in the presentation of these measures.
• There is a need for greater dialogue with management about the process and controls for developing non-GAAP measures and their correlation to business performance.

7. Audit Committee Effectiveness

• Understanding the business and key risks is seen as the most effective way to improve audit committee performance.
• Technology and cyber security expertise is also considered crucial for better oversight.
• Audit committees should challenge management, encourage diverse perspectives, and improve pre-meeting materials to enhance effectiveness.

Key Findings

• Risk management is the primary concern, with many committees indicating the need for improvement in their systems.
• Cyber security remains a major risk, with gaps in awareness, systems, and response capabilities.
• CFO succession planning and finance organization readiness are weak spots.
• New accounting standards (revenue recognition and leasing) are not well addressed by most organizations.
• Non-GAAP financial measures are underutilized and poorly understood by audit committees.
• Audit committee effectiveness is closely tied to business understanding, expertise, and collaboration.

Survey Respondents

• The survey included responses from 832 audit committee members across 42 countries.
• The data was collected from August to October 2016.
• The global results are supported by country-specific data, with detailed results for 15 countries that received at least 20 responses.

Conclusion

The survey underscores the increased complexity and responsibility of audit committees in today's business environment. It calls for greater focus on risk management, cyber security, CFO succession, accounting standards, and non-GAAP measures, while also emphasizing the need for improved understanding, expertise, and collaboration to ensure effective oversight.