The number of audit committee chairs in the UK who have previously held CFO roles has more than doubled in the last decade, according to a new survey.

The survey, CFO and Beyond, found that 71% of audit committee chairs in the UK have previously held the top finance job at a company, up from 35% 10 years ago, as a result of the demands of a far more complex risk and regulatory environment. The report finds that the position as chair of the audit committee is more challenging, because of the time pressures and professional risks associated with the role.

CFOs also agreed with their suitability as audit committee chairs, with 80% of UK CFOs suggesting this as the most realistic non-executive destination, followed by the risk committee (77% of respondents agreeing), remuneration committee (72%), non-executive chairman (67%) and finally membership of the nomination committee (56%).

The report is based on a global survey of 800 CFOs, and a study of the career paths of group CFOs at 347 of the world's largest companies.

However the report notes that many CFOs will decide that the risk to their own personal reputation is too great to take an external role, particularly as an audit committee chair - with subsequent financial difficulties or accounting irregularities potentially damaging the CFO's reputation and career prospects.

Hywel Ball Ernst & Young UK&I assurance managing partner said: 'Accounting standards are moving at an incredibly rapid rate, investor activism is on the rise and companies face an extremely complex risk and regulatory environment. All of these trends increase pressure on audit committee members and make it more difficult for those with a non-finance background to perform the role.

'Many of the proposed changes on the future of audit will only increase the importance of the audit committee chair. We welcome recent FRC proposals in preserving the role of the audit committee, but support giving committees help navigating these complexities - such as guidance on how tenders can be run, while providing clearer information, evaluation methods and information for shareholders.'

Michael Sen, CFO for the Healthcare Sector at Siemens said: 'As a divisional CFO in a large company, you may not have to deal with the issues that take place at head office, such as funding, no matter whether debt or equity, because that is the responsibility of the group CFO.

'By taking on a board directorship at a smaller company or sitting on the audit committee, you gain exposure to those decisions and that can be useful experience for a future role in a group CFO position.'