Audit committees are required by the NYSE, American Stock Exchange (AMEX), and National Association of Securities Dealers (NASDAQ/National Market System issuers).
Which of the following documentation is not required for an
An audit is considered a risk assessment, therefore these terms are interchangeable. And audit plan can have various meanings, some consider this to be an annual audit plan which includes all the audits that will occur within a companies calendar year. Others consider this to be the plan for undertaking a specific audit. Its all in how you define the words, audit plan, audit schedule, audit check list.
The Model Audit Rule (MAR) or, more specifically, Model Audit Rule 205 (MAR 205), is a financial reporting regulation very similar to Sarbanes Oxley (SOX). While SOX applies to SEC registrants (Public Companies), MAR applies to insurance companies, regardless of their SEC status. Please see this for more info: http://en.wikipedia.org/wiki/Model_Audit_Rule_205
statutory audit is one conducted to meet the particular requirements of a governmental agency. Where such audits take place, the scope and audit programs are set by the governmental body. Banks, insurance companies, and brokerage firms have statutory audits. Since the auditor's report must conform to standards required by the governing agency, the statements and other financial data generated from these audits may not conform to Gaap. Audit management is responsible for ensuring that board-approved audit directives are implemented ---------------------------------------------------------------------------------------------------------------- Audit management oversees the internal/external audit staff, establishes audit programs, and hires and trains.
3rd Party Audit - Independent Audit 2nd Party Audit- Customer Audit 1st Party Audit- Internal Audit
In addition to the presence of audit committees in companies listed on U.S. stock exchanges, a number of stock exchanges in Canada, Europe, Africa, the Middle East, and the Asia/Pacific region have adopted requirements for audit committees
Roles and responsibilities of audit committees are disclosed in the annual proxy statements of publicly owned companies.
Boards of directors define the role and responsibilities of their audit committees.
audit committees, through their planning, reviewing, and monitoring activities, can recognize potential problem areas and take corrective action before problems that affect companies' financial statements and other financial disclosures arise.
Meetings : Audit committees meet one to four times each year, with three or four meetings being the most common.
Audit is not necessary for all companies, in some countries the small companies are exempt from audit.
U.S. Congress passed the Sarbanes-Oxley Act and the SEC adopted final rules amending the securities laws. Such actions have had an impact on audit committees.
No institution exempted from audit
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.
They ensure that boards of directors fulfill their financial and fiduciary responsibilities to shareholders.
A Partnership firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. Therefore, audit of financial statements is not required. However, tax audit may be required for a Partnership firm if the turnover exceeds prescribed limits.
Ian F. Y. Marrian has written: 'Audit committees'