Big Four firm KPMG created the Audit Committee Institute (ACI) in 1999 to serve as a resource for audit committee members and senior management. Its primary mission is to communicate with audit committee members and enhance their awareness, commitment, and ability to implement effective audit committee processes. Mary Pat McCarthy, KPMG LLP vice chair, has been named executive director of the Audit Committee Institute (ACI).
In her new role, McCarthy will be responsible for the development of ACI programs and thought leadership. She succeeds Edward F. Smith, a retired KPMG partner who has led ACI as interim executive director.
"Mary Pat assumes leadership of the ACI at a pivotal time in U.S. accounting with risk management currently at the top of many audit committee agendas and international standards playing a more influential role in financial reporting," said Henry R. Keizer, vice chair, audit, KPMG LLP, and global head of audit, KPMG International. "Mary Pat will be able to draw on her considerable boardroom experience to help audit committees, boards, and senior management address key governance challenges, and consider leading oversight practices."
"KPMG's ACI has a rich history of supporting the education of audit committees as changing market dynamics impact what is expected of them," said McCarthy. "I am delighted to take on leadership of ACI at a time when audit committees will be looking for approaches to address critical challenges posed by their evolving role in the oversight of risk and ongoing regulatory developments, such as International Financial Reporting Standards."
McCarthy's extensive experience in public accounting has provided her with a deep understanding of the issues faced by audit committees. She is a U.S. Vice Chair and Audit partner and was previously responsible for driving KPMG's client care strategy until being named to her current role. She also previously served as vice chair for the firm's information, communications and entertainment line of business and for its industries and markets group. McCarthy joined KPMG in 1977 in the Minneapolis office, transferred to California's bay area in 1984, and relocated to Kansas City in 2003 to serve as lead partner for a major client of the firm. She was admitted into the partnership in 1987.
McCarthy is a co-author of five books published by McGraw Hill covering a variety of business topics including risk management and strategies for building a global business.
In addition to her new role with the ACI, McCarthy will continue to serve her current clients. She will also remain as a member of KPMG's operations committee and client care council, which strives to drive continuous improvement in service.
McCarthy graduated from Creighton University magna cum laude with a Bachelor's degree in Business Administration and is a graduate of the University of Pennsylvania Wharton School, KPMG International Development Program. She is a licensed certified public accountant in California, Kansas, and Missouri.