the audit committee communicate with internal audit, external audit and CFO
on behalf of the company.
advantages and disadvantages of non statutory audit
advantages and disadvantages of non statutory audit
Lax oversight by the company's audit committee
allows an individual to identify their strength and weaknesses
-it shows that the financial transaction of the company is true and fair and comply with (GAAP) it attracts investors
An advantage to having an external audit is the fact that the audit will not be biased. A disadvantage to external audits is the process. It can be long and invasive.
The components of the center are the Audit Committee Toolkits (corporate, not-for-profit, and government), Audit Committee Matching System, Audit Committee e-Alerts, and a bank of materials containing information for and about audit committees.
audit committee is part of board, and it showcases the audit observations and present it to board. board comprises of external directors so a fair and transparency is ensured.
Most of Audit Committee INED are friends of Chairman, so they are not really independent!
Audit Committe enhance communication between Internal Audit, External Audit and CFO. Audit Committe assist directors to avoid litigatio risk.
a member of an audit committee of an issuer may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee--accept any consulting, advisory, or other compensatory fee from the issuer
Section 301 of the act contains an amendment to Section 10A of the Securities Exchange Act of 1934, which relates to independence of audit committee members.
What are advantages of human resources auditing
United state (new york)
advantages and disadvantages of non statutory audit
IBM accounting audits are governed by the Audit Committee which reports directly to the board of directors. The Audit Committee works with both the IBM in-house accounting department heads and an external accounting audit team (currently Pricewaterhouse Coopers LLC).
It recommended stronger audit committee oversight responsibilities relating to financial reporting.