KPMG Survey: Management Oversight, Innovation And Competitors are Top Concerns for Directors

KPMG Survey: Management Oversight, Innovation And Competitors are Top Concerns for Directors

Private-company directors say they are concerned most about risk management oversight, assessing innovation and their competitors. Meanwhile, tight budgets and potential resource constraints pose the most significant peril to their ability to manage their top issues effectively according to a new survey from audit and advisory firm KPMG LLP.

In the survey report, "Private Company Governance: The Call for Sharper Focus," 54 percent of directors polled said their board would like to hear more about financial risk management with many now looking to technological advancements to help keep themselves better informed.

Other key findings from the survey:

•  Risk management oversight (28 percent) and assessing innovation and emerging competition (28 percent) are seen as the greatest current / ongoing governance challenges.

•  Attracting and retaining talent (19 percent) in the finance organization is the top challenge in financial risk oversight.

•  An effective check on internal controls and / or internal controls over financial reporting (45 percent) is viewed as the top benefit of a third-party accounting review or audit.

Raising the confidence level of the board, investors and executive leadership in the quality and accuracy of financial audits (37 percent) is seen as the way advancements in technology, data, and analytics will enhance the value of service from a private company's accounting firm or independent auditor.

You can access the full report here.