Who's Minding the Store?

Grace Jr., H. Stephen; Haupert, John E.; Roath, Robert S.
March 1999
Financial Executive;Mar/Apr99, Vol. 15 Issue 2, p46
Academic Journal
The article focuses on suggestions for improving oversight of audit committees. It states that in the late 1990s numerous companies suffered serious undetected financial problems as a result of employee fraud, financial report falsification, and failures in financial computer systems. It comments on the need to improve the strength and effectiveness of audit committees. It states that audit committee oversight and control structures need to properly function to allow audit committees to effectively and continuously monitor activities and exercise control commensurate with their role. It comments that company-specific cash flow controls need to be carefully designed to provide a clear picture of ongoing operations without distortion by events the company is involved in.


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