Anew KPMG report chronicles the rise of new risks, from technology and political volatility to intensified corporate and regulatory reporting, that have dramatic implications for the governance and oversight duties of audit committees. Some of these risks discussed in the consultancy's "Audit trends 2016: Targeting transformation" article pose a greater challenge for companies in survival-focused industries, such as oil and gas, where human resources are stretched and layoffs choke employee morale. "Literature about fraud focuses on opportunity and motivation, and unfortunately, there now may be more opportunity, given that there are fewer people and less scrutiny within companies," says Murray Suey, partner and Calgary's leader of the audit business unit at KPMG.
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