An Econometric Investigation of Monetary Policy on Savings Mobilization in Nigeria
Audit committee
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In a U.S. publicly-traded company, an audit committee is an operating committee of the Board of Directors charged with oversight of financial reporting and disclosure. Committee members are drawn from members of the company 's board of directors, with a Chairperson selected from among the committee members. A qualifying audit committee is required for a U.S. publicly-traded company to be listed on a stock exchange. To qualify, the committee must be composed of independent outside directors with at least one qualifying as a financial expert. Audit committees are typically empowered to acquire the consulting resources and expertise deemed necessary to perform their responsibilities. The role of audit committees continues to evolve as a result of the passage of the Sarbanes-Oxley Act of 2002. Many audit committees also have oversight of regulatory compliance and risk management activities. Not for profit entities may also have an audit committee.
|Contents |
|[hide] |
|1 Responsibilities |
|1.1 Role in oversight of financial reporting and accounting |
|1.2 Role in oversight of the external auditor |
|1.3 Role in oversight of regulatory compliance |
|1.4 Role in monitoring the internal control process |
|1.5 Role in oversight of risk management |
|2 Impact of the Sarbanes-Oxley Act of 2002
From Wikipedia, the free encyclopedia
Jump to: navigation, search
In a U.S. publicly-traded company, an audit committee is an operating committee of the Board of Directors charged with oversight of financial reporting and disclosure. Committee members are drawn from members of the company 's board of directors, with a Chairperson selected from among the committee members. A qualifying audit committee is required for a U.S. publicly-traded company to be listed on a stock exchange. To qualify, the committee must be composed of independent outside directors with at least one qualifying as a financial expert. Audit committees are typically empowered to acquire the consulting resources and expertise deemed necessary to perform their responsibilities. The role of audit committees continues to evolve as a result of the passage of the Sarbanes-Oxley Act of 2002. Many audit committees also have oversight of regulatory compliance and risk management activities. Not for profit entities may also have an audit committee.
|Contents |
|[hide] |
|1 Responsibilities |
|1.1 Role in oversight of financial reporting and accounting |
|1.2 Role in oversight of the external auditor |
|1.3 Role in oversight of regulatory compliance |
|1.4 Role in monitoring the internal control process |
|1.5 Role in oversight of risk management |
|2 Impact of the Sarbanes-Oxley Act of 2002
References: 1. ^ AICPA "The Audit Committee Toolkit" New York; 2004. 2. ^ CPA Journal AC Responsibilities 3. ^ Sample Charter 4. ^ "Audit Committee Effectiveness: What Works Best-2nd Edition." Institute of Internal Auditors and Price Waterhouse. Altamonte Springs, FLA; 2000. 5. ^ Charan, Ram (2005). Boards That Deliver. Jossey Bass. ISBN 978-0787971397. 6. ^ a b KPMG AC Journey 2005-2006 7. ^ "Audit Committee Effectiveness: What Works Best-2nd Edition" Institute of Internal Auditors and Price Waterhouse. Altamonte Springs, FLA; 2000. 8. ^ KPMG AC Survey 2007 9. ^ KPMG AC Study 2008 [edit] External links