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 f 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
 Feb 19 2017 - ROME: Syrian Prison, a 'Human Slaughterhouse' Amnesty InternationalMENAFN Press
(MENAFN Editorial) iCrowdNewswire - Feb 9, 2017 Syrian Prison, a 'Human Slaughterhouse' – Amnesty InternationalBy IPS World Desk Prison beatings. © Amnesty International / Mohamad Hamdoun ...

 Feb 19 2017 - Corruption in Pakistan cricketNewsBytes
(MENAFN - NewsBytes) Pakistan Cricket Board has charge-sheeted Sharjeel Khan and Khalid Latif under its anti-corruption code for alleged involvement in spot-fixing. They have been given ...

 Feb 19 2017 - #Cannabis Stock News: OWC (OTC: $OWCP) Pharmaceutical Research to Present at Lyons Capital's Wall Street ConferenceInvestors Ideas
(MENAFN - Investors Ideas) PETACH TIKVA, Israel - February 17, 2017 (Investorideas.com Newswire) OWC Pharmaceutical Research Corp. (OTC: OWCP), ("OWC" or the "Company"), a developer of ...

 Feb 19 2017 - Freedom of expression in Egypt in 2016: an overviewDaily News Egypt
(MENAFN - Daily News Egypt) The Association for Freedom of Thought and Expression (AFTE) issued Tuesday its annual report titled 'More Than One Authority to Oppress' in which it monitored the ...

 Feb 19 2017 - NBE injected EGP 7.5bn to finance 9,200 SMEs in first year of CBE's initiative to support these projectsDaily News Egypt
(MENAFN - Daily News Egypt) The National Bank of Egypt (NBE) injected EGP 7.5bn to finance 9,200 small and medium-sized enterprises (SMEs) and microenterprises during the first year of the ...

 Feb 19 2017 - EBRD lends NBD–Egypt $125m to support its capital base and stimulate growthDaily News Egypt
(MENAFN - Daily News Egypt) Emirates NBD-Egypt and the European Bank for Reconstruction and Development (EBRD) signed an agreement for a $125m subordinated loan to augment Emirates NBD Egypt's ...

 Feb 19 2017 - Assigning implementation of New Administrative Capital to Egyptian companies falls in favour of banks in Egypt: AbdellahDaily News Egypt
(MENAFN - Daily News Egypt) Daker Abdellah, member of the Egyptian Federation for Construction and Building Contractors (EFCBC), said that assigning the construction of the New Administrative ...

 Feb 19 2017 - $1.12bn offered for investment in T-billsDaily News Egypt
(MENAFN - Daily News Egypt) Local and international banks offered to invest $1.12bn in the treasury bills (T-bills) offered by the Central Bank of Egypt (CBE) for auction denominated in dollars on ...

 Feb 19 2017 - French archeologist's antique house turns into local 3D training centre in LuxorDaily News Egypt
(MENAFN - Daily News Egypt) When the French conservator Alexandre Stoppelaëre, who worked as an archaeologist at the Ministry of Antiquities in the 1950s, wanted to build a house, he could not ...

 Feb 19 2017 - The Cairo Literature Festival celebrates its 3rd round in the presence of writers from 18 countriesDaily News Egypt
(MENAFN - Daily News Egypt) In the presence of poets and writers from all over the world, the Cairo Literature Festival kicked off its third round. Mohamed El-Baely, who has been a journalist ...

more...


 





Google

 
 

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

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