Corporate Audit Committees: An Approach to Continuous Improvement
- Topics:
- Audits
- Source:
- The CPA Journal
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Overview: Audit committees today are faced with the sizable task of overseeing both the auditing and financial reporting processes. The final rules of the SEC, national stock exchanges, and the AICPA’s Auditing Standards Board cover corporate governance of audit committees, including independence, qualifications, charters, external auditor involvement, and reports. It remains up to audit committees to ensure that they continuously improve their oversight role. Continuous improvement requires a constructive relationship between audit committees and management, internal auditors, external auditors, and legal counsel. Audit committees should function as team members and be empowered by their boards to ask tough-minded questions about the audit and financial reporting processes as well as to probe into the entity’s affairs. Continuous improvement helps minimize the costs of achieving quality in both financial management services and audit services.
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Format: HTML | Date: Jul 2002 | Pages: 1
