United state (new york)
the audit committee communicate with internal audit, external audit and CFO on behalf of the company.
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.
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.
Roles and responsibilities of audit committees are disclosed in the annual proxy statements of publicly owned companies.
audi, Latin for to hear
It's the only way to define, focus and limit the terms of any audit committee Will it simply monitor? Will it try to detect fraud? Will it just balance the books? or any combination of functions