TITLE

AUDIT COMMITTEES Bracing for Shakeup

AUTHOR(S)
Sweeney, Paul
PUB. DATE
December 2002
SOURCE
Financial Executive;Dec2002, Vol. 18 Issue 9, p16
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article discusses the role of audit committees in corporate governance, in light of corporate scandals in the United States and compliance requirements for the Sarbanes-Oxley Act. Audit committees must be completely independent of companies and their management and must have at least one financial expert among its members. The new rules have spurred the reorganization of corporate boards, the resignation of some financial experts because of restrictions, and the search for financial experts who are qualified to serve on audit committees. Comments from executives and board members such as Janet Haugen of Unisys Corp. focus on the qualifications of chief financial officers and retired audit partners as committee members.
ACCESSION #
8710436

 

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