KPMG has developed a framework aimed at assisting the audit and risk committees in enhancing their oversight within the organisation.
The Audit and Risk Committees play a crucial part in the governance process within every organization. Their oversight on governance, risk, compliance and assurance activities are critical in enhancing the control environment and ultimately improving the performance of organisations.
Consequently, it is imperative that the committee members develop the appropriate skills, capabilities, information, and confidence in their organization’s systems and processes to lead effectively and fulfill their duties relative to governance, risk, compliance and assurance.
A pertinent question being asked by audit and risk committee members is
“How do we ensure the integrity of financial reports and effectiveness of risk, audit and compliance controls in a volatile and uncertain global economy?”
KPMG has developed a framework aimed at assisting the audit and risk committees in enhancing their oversight on the control environment within the organsiation. The framework focuses on four key areas of a committee’s responsibility and underpins effective governance and accountability, appropriate risk management and sustainable value. The design of an appropriate framework for your organization will be executed along these four key areas as illustrated below:
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