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With the advance of digital technologies changing the nature of business in many industries and enhanced public concern over the behavior and environmental impact of the private sector, companies are facing both new risks, and greater scrutiny over their operations.
Because of these changing risk profiles, in parts of Europe today, audit committees (ACs) are undergoing a period of transition. They are transforming from backward-looking committees focused on a narrow financial remit, to more forward-looking bodies tasked with evaluating a wider set of risks. This transition, along with the different board structures among geographies, has led to a variety of outlooks and perspectives among European ACs, though many common threads remain.
Finding the effective balance between today’s operational and reporting challenges and tomorrow’s unseen risks is the greatest challenge facing European ACs today. To accomplish this task, and stay fit for purpose, European ACs should:
Most importantly, they can also better prepare the firm for the future risks that will inevitably emerge.
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