Audit committees are no strangers to change. The days ahead promise constant technological change and with that newfound risks. Today's scale of disruption is rewriting the audit committee's agenda in unprecedented ways, and it's a transformation that demands attention across the board.
In this inaugural Accelerate report, we identify seven of the key trends impacting organizations today that are disrupting the audit committee mandate – blockchain, cyber threats, internal controls, data management and security, finance function automation, risk, and expanded forms of external reporting.
Whether adapting new technologies or adopting fresh risk management strategies (e.g., data management, cyber security, internal controls, etc.), it's no exaggeration to say that audit committee members and management now have more on their plate than ever before.
Transformation can be intimidating – especially on today's scale. Nevertheless, these mounting expectations and responsibilities can be overcome by embracing disruption, learning the risks and rewards of new technologies, and resisting the urge to stay static.
Organizations are trying to accelerate growth all the while dealing with disruption, risk, cyber threats, and other strategic issues. Audit committees have always been adept at adapting to their organization's needs, and now is no different.
In the pages that follow, subject matter leaders from across KPMG in Canada examine current trends and spotlight the many opportunities and challenges in the audit committee's path. We hope the information and insights in this report will help you successfully respond to these issues and provide confidence in your organization's ability to embrace the change to come.