The Audit Committee journey — Adapting to Uncertainty, Focusing on Transparency

2010 Public Company Audit Committee Member Survey
Risk management, economic and regulatory uncertainty, financial statement issues, liquidity and access to capital, and information technology (IT) risk are top concerns for audit committees as their companies navigate a tenuous economic recovery and changing regulatory landscape. In this annual survey, 300-plus audit committee members identify their priorities and share their views on a host of financial reporting issues and oversight challenges. The past 12 months have continued to put companies and their audit committees to the test. While the economic storm is receding, it is clear that the months ahead will continue to test even the best of audit committees. More than half of the 300-plus public company audit committee members responding to this 2010 survey do not see a return to "business as usual." They expect to operate in a new business environment for a number of years. As their companies focus on growth and the sustainability of a leaner organization, it is little surprise that survey respondents cited risk management and financial statement issues as top concerns. The impact of public policy initiatives is also high on the agenda.

View Attachment July 2010
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The Audit Committee journey — recalibrating for the "New Normal" — 2009 public company audit committee member survey

2009 International Audit Committee Member Survey
In our 4th Annual Public Company Audit Committee Survey we see audit committees and boards intensifying their hands-on involvement with management. Risk management is under the microscope. And information quality, which has always been a challenge, is now imperative – as is understanding the performance objectives driving the CFO, internal audit, and others.

View Attachment May 2009
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The Audit Committee Journey - Charting Gains, Gaps and Oversight Priorities: A Global View

2008 International Audit Committee Member Survey
The subprime crisis and ongoing credit crunch are powerful reminders of the importance of having a global view of risk: few—if any—regions, countries, or companies are immune to the volatility of financial markets and economic downturn.

View Attachment August 2008
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The Audit Committee Journey - Evolving Priorities, Practices, and Perspectives: A Global View

2006-2007 International Audit Committee Member Survey

From one country to the next, the differences in financial reporting and regulatory requirements, marketplace demands, and business cultures can vary significantly. Yet all market-based economies ultimately are driven by two critical imperatives: financial reporting integrity and investor confidence.

View Attachment July 2007
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