Recent developments have resulted in an increase of the workload borne by the public company audit committee. Those developments include new issuer obligations as a result of Section 404 of the Sarbanes-Oxley Act; continuing restatements, fraud, errors, internal investigations and SEC enforcement proceedings; ongoing onslaught of new and complex accounting and financial reporting pronouncements; auditor independence rules; and, review and approval of related person transactions. The audit committee may now find itself filling a litany of new roles, including investigator, arbiter and advisor as to diagnosis and remediation of company problems, corporate monitor, and primary liaison with the SEC and other government organizations.
Read the complete article by clicking the link below.
