'IT risk issues a concern for audit committee'

News Article - 21 September 2007
Category: Regulatory

A new report has revealed that a significant number of audit committee members around the world are not happy with the amount of time they spend evaluating IT risks.

Research by KPMG found that 30 per cent of committee members surveyed were not satisfied that they spent enough time looking at such issues, while 59 per cent said they were "somewhat" satisfied.

Tim Copnell, director of KPMG's Audit Committee Institute, said that the survey revealed nine in ten committee members felt that "improvements" could be made to their assessment of IT risks.

"If audit committees (or equivalent bodies) are not able to give sufficient attention to the oversight of IT risk, companies might be unwittingly exposed to risk," he remarked.

In related news, Deloitte recently claimed that less than two-thirds of business executives surveyed by the firm had an information security strategy in place.

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