Welcome!

Agile Computing Authors: Zakia Bouachraoui, Yeshim Deniz, Elizabeth White, Liz McMillan, Pat Romanski

News Feed Item

Complexity, Speed of Changing Global Business and Risk Environment Will Test Audit Committees in 2013

Financial Reporting Integrity Is Job Number One; Digitization and Cyber Security, Global Regulatory Landscape Shaping Audit Committee and Board Agendas

NEW YORK, Jan. 9, 2013 /PRNewswire/ -- Audit committees face another challenging year in 2013, with continued economic uncertainty, globalization, digitization, and increased government regulation and enforcement reshaping the business and risk environment. Staying focused on job number one – financial reporting integrity – while addressing other key risks and oversight responsibilities will require thoughtful, prioritized agendas. To help audit committees and their boards meet the governance challenges of the coming year, KPMG's Audit Committee Institute (ACI) has published its "Audit Committee Priorities for 2013."

"The audit committee's agenda is not getting any lighter," notes Dennis T. Whalen, ACI's Partner in Charge & Executive Director. "Considering the scope and complexity of the risks and issues audit committees are facing, it's important to pause and reflect on what the committee's agenda should look like and how that agenda is carried out."

Recognizing that companies and boards face different challenges, and that priorities will vary, KPMG's "Audit Committee Priorities for 2013" include the following:

  • Stay focused on job #1: Financial accounting & reporting and internal controls.
  • Reinforce audit quality and set clear expectations for the external auditor.
  • Monitor the impact of the business and regulatory environment on the company's compliance programs.
  • Understand the company's significant tax risks and how they are being managed.
  • Make sure internal audit is properly focused and fully utilized.

Beyond these key oversight responsibilities, audit committees also can play an important role in supporting the board (and coordinating with other board committees) on the following governance matters:

  • Consider whether the board has the right composition and committee structure to provide effective risk oversight.
  • Understand how digitization and social media are transforming the business landscape—and impacting the company and board oversight.
  • Set the tone and closely monitor leadership's commitment to that tone, as well as the culture throughout the organization globally.

Read the full text of KPMG's Audit Committee Priorities for 2013.

About KPMG's Audit Committee Institute

ACI provides audit committee and board members with practical insights, resources, and peer-exchange opportunities focused on strengthening oversight of financial reporting and audit quality, and the array of challenges facing boards and businesses today – from risk management and emerging technologies to strategy and global compliance. Learn more about ACI's Audit Committee Roundtable Series, Annual Issues Conference, Quarterly Audit Committee Webcast, and other educational resources for directors at www.KPMG.com/ACI.

About KPMG LLP

KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative ("KPMG International.") KPMG International's member firms have 145,000 people, including more than 8,000 partners, in 152 countries.

Contact:

Deborah Primiano / Kevin Zimmerman


KPMG LLP


201-307-8495 / 8201


[email protected] /


[email protected]

 

SOURCE KPMG LLP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to great conferences, helping you discover new conferences and increase your return on investment.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
SYS-CON Events announced today that Silicon India has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Published in Silicon Valley, Silicon India magazine is the premiere platform for CIOs to discuss their innovative enterprise solutions and allows IT vendors to learn about new solutions that can help grow their business.
DXWorldEXPO LLC announced today that "IoT Now" was named media sponsor of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.