Deloitte summarized audit committee priorities and related matters based on select benchmarking data from its collaborative report with the CAQ (we reported on here), which reflects a survey of 266 primarily large-cap, US public company audit committee members.
Among the key takeaways:
Primary Oversight—At nearly 60% of respondents, the Audit Committee most commonly has primary oversight of the highest-ranking priority—cybersecurity—while a plurality of respondents identified the Audit Committee as the primary oversight body for enterprise risk management (ERM), which was ranked #2 on the priority list.
Top priorities—Nearly 70% of respondents ranked cybersecurity among their top three priorities over the next 12 months, followed by ERM at 48%, as shown here:
In those cases where the Audit Committee has primary oversight responsibility, both cybersecurity and ERM are most commonly discussed by the committee on a quarterly basis (73% and 49%, respectively). In both cases, most respondents characterized the time spent by the committee on the topic as adequate.
Results in response to some questions are broken out by financial services and non-financial services companies in the full report.
Access additional resources on our Audit Committees page.
This post first appeared in the weekly Society Alert!