KPMG reported these (among other) US-specific takeaways from a February/March 2023 global survey of audit committee members and chairs conducted in collaboration with the Audit Committee Institute.
- A majority of audit committees represented by respondents have substantial oversight responsibility for (in order of descending prevalence) the company’s ERM system and processes; cybersecurity and IT; legal and regulatory compliance; and data governance. Concerns about an expanding workload notwithstanding, just 15% of respondents reported that their board is reallocating risk oversight responsibilities among committees.
- A bare majority of all audit committees represented by respondents oversee ESG-related disclosures in SEC or other regulatory filings; however, more than two-thirds of large-cap (or larger) company audit committees assume this responsibility. Likewise, large company audit committees are more likely than smaller company audit committees to be involved in other ESG-related disclosure oversight activities.
The foregoing results are based on 144 US respondents.