This has been a positive and appropriate activity at most companies, and in our experience, internal audit budgets have generally not simply been cut for the sake of cutting costs.

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According data from GMI, the corporate governance research firm, more than 80% of major U.S. real estate companies have appointed Audit Committee members with significant real estate sector experience.

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No Audit Committee member appears to be a CPA or have significant experience in accounting.

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Now, two cardiologists who were involved in a federal audit at one hospital have published a detailed account of their experience.

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Furthermore, 60% of the largest companies in the sector have appointed at least Audit Committee member who has BOTH financial expertise AND significant experience in real estate.

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Therefore, auditors should have a wide range of business knowledge, demonstrated through years of audit and industry-specific experience, educational background, professional certifications, training programs, committee participation, professional associations, and job rotational assignments.

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