It has been widely reported that audit committees are expecting auditors to agree to fee reductions.
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Work hours allocated to audit committees alone have tripled during the last four years.
Strikingly, audit committees' most common response to growing scrutiny is to cover their backs.
Thomas sits on the audit committees of Lucent Technologies, PepsiCo and Avaya and is chair of the latter.
The same retired Big Four audit partners and former CEOs seem to serve on multiple public company audit committees.
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The establishment of audit committees that must be composed solely of independent directors.
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It requires audit committees of independent directors to exercise broad oversight, but in Germany firms don't even have audit committees.
Since Broc and I are totally in synch with the universe and saw this coming, we talked about Audit Committees, PCAOB inspections, and auditor independence.
Before Enron's collapse, nobody much cared about audit committees or auditors.
Potentially, compliance officers, audit committees and boards of directors could find the results of this research useful in drafting internal policies that can motivate beneficial employee behavior.
The reform proposals posited by both the NYSE and the Nasdaq Stock Market could add to the workload as they call for extra work for audit committees.
He was chairman of the SEC from 2001 to 2003, currently serves on the audit committees of Approva and the National Cathedral School, and writes a monthly column for ComplianceWeek.
As Howard points out, your disgruntled employees, audit committees, competitors, vendors and suppliers, and potentially even your own friends can purposely or unwittingly become a part of the resulting bad reputation and press.
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In addition, customers for professionals services, including Audit Committees, have no comprehensive or effective way of vetting accounting firm partners assigned to the audit, tax, and key risk and compliance activities at their companies.
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Similarly, audit committees straddled with the Sarbanes-Oxley requirements for 100% independence, financial literacy, and at least one financial expert have a tendency in some companies to become busy committees full of busy audit committee members.
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The Sage of Omaha railed against the pointlessness of much of the work done by audit committees (while joking that he does not get asked onto compensation committees because they prefer Cocker Spaniels to Dobermans).
The corporate governance rules that have been proposed by the New York Stock Exchange and the Nasdaq Stock Market both push for more independent directors on corporate boards and for audit committees composed entirely of outside directors.
Auditors have traditionally opposed individual partner signatures for audit reports arguing the engagement partner is already known to the client audit committees and partners already hold themselves accountable to their own own high standards of professionalism and accountability.
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The same morning at the Harvard School of Business, 40 audit committee members will attend "Audit Committees in a New Era of Governance" and commiserate about having to put a stamp of approval on financial statements prepared by others.
The new legal burdens of non-executives, particularly on audit committees, may mean that the atmosphere in American boardrooms swings too far, from excessive adulation of the chief executive to its opposite, curbing the risk-taking that is essential to corporate success.
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In a poll conducted in December 2003 by CFO Magazine, a sister publication of The Economist, more than 60% of the finance executives polled said they spent more time involved with their company's board of directors or audit committees after Enron.
Women hold only 14% to 16% of the seats on audit, compensation and nominating committees.
Having most of the members of a company's board, as well as all the members of its audit, compensation and nominating committees, be truly independent is sound.
Having most of the members of a company's board of directors, as well as all members of its audit, compensation and nominating committees, be truly independent is sound.
Among them: Members of the audit, nominating and compensation committees of boards of directors of publicly held companies should indeed be truly independent, having no financial ties to companies on whose boards they sit.
This is a serious task for board compensation committees, which, like their audit committee counterparts, will need to ensure their members have the skills to evaluate alternatives to traditional options and the independence to act on behalf of shareholders, not like rubber stamps for executives.
Quality of corporate governance including risk committee and audit committee effectiveness and quality of disclosures by management to those board committees.
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Even fewer women chair the board or audit committee, serve as financial experts, and only 12% of compensation committees have a female chair.
And the Political and Constitutional Reform Committee (at 10am) takes evidence from the Better Government Initiative, Unlock Democracy and Democratic Audit on the impact of the Wright reforms, which beefed up the legitimacy of Commons select committees.
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