From: The Nation
Regulation, uncertainty and volatility are the top concerns of members of audit committees worldwide, according to a recent survey by KPMG.
The audit committee’s job continues to grow more difficult. Nearly half of committee members surveyed by KPMG indicated that, given their expertise and heavy agenda, it is “increasingly difficult” to oversee major risks, risk-management processes and global compliance, besides the committee’s core responsibilities.
The risks include cyber risk and IT.
Term Techasarin, a partner, advisory, at KPMG Phoomchai Business Advisory, said the responses from Thai audit committee members participating in the survey were in line with those of their peers in other countries. It is the first time the survey has included Thai companies. KPMG sent the surveys to 70 Thai customers, totalling 200 audit committee members, of whom 27 members responded.
The surveyed was conducted late last year on nearly 1,500 audit-committee members from companies in 34 countries. It asked them to identify their pressing challenges and concerns.