We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Audit Committees - Article Example

Comments (0)
1.3 Included in the report is an introduction to the topic with some history and background on Auditing Committees and some examples of when auditing committees have worked and situations where they have not.
1.1 One of the main elements of the corporate governance process of an organisation is its audit committee…
Download full paper
Audit Committees
Read TextPreview

Extract of sample
Audit Committees

Download file to see previous pages... A key element in the corporate governance process of any organisation is its audit committee (Source: aicpa.org)
Audit Committees can be seen as a means to enhance the independence of the auditor, and also seen as an important role in reviewing and monitoring the 'external auditors' independence, objectivity and the effectiveness of the audit process. (Source: The Audit Process pg. 669)
2.1 The compositions of audit committees are very important. The majority of non-executive directors should be independent and free from any financial relationship, which could interfere with independent judgement. To qualify as "independent," the Act states that an audit committee member cannot accept any fees from the company other than for serving as a director, and cannot be an affiliated person of the company or any of its subsidiaries (Source: nysscpa.org). According to the Combined Code (which lists sets of requirements and sets the frame work for auditors (Source: The Audit Process)) its says that committees should comprise of at least three non-executive director and that it highlights certain duties for external auditors, internal auditor and the internal controls that have been put in place. (Source: The Audit Process pg. 669)
2.2 Audit Committees have many authorities and duties, they have clear rights to seek information and make decisions and carry out prescribed duties. In the UK the roles of audit committees is still evolving, but the smith guidance (the guidance on Audit Committees) is a step towards greater consistency in there duties and roles (Source: frc.org.uk) For an audit committee to fulfil its new and continuing obligations, asking the tough questions, understanding the answers, and properly disseminating information are crucial. The basic responsibilities include adopting a charter, monitoring the reporting process, overseeing the outside auditor, and paying attention to management and employees. (Source: nysscpa.org)

2.3 Audit Committees Roles in Financial Reporting Process. According to the Blue Ribbon Report, Audit Committees do not prepare financial Statements or become in the details of the decisions required to prepare them, but they are responsible for monitoring and overseeing the financial reporting process. To meet its duties they must ensure that internal control are established properly and they must be familiar with the companies risk assessment. (Source: A Guide For Directors, Management, And Consultants, Frank M. Burke)

2.4 Since the 1940's audit committees have provided an important role ultimately necessary function ensuring that publicly traded business financial statements are accurate.
In the 1970's, the NYSE (New York Stock Exchange) required board of directors of all the listed companies to appoint an audit ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
Marketing: Environment Audit
It varied product drove me to find out how the company manages to be prolific and productive and yet still be able to produce quality products. Market Apple is one of the biggest companies in the world with a brand that is worth billions of dollars. Under the distinguished and charismatic leadership of the company’s chief executive officer, the late Steve Jobs, the company has been gaining dominance in the technology industry over the last decade in the most prodigious manner that has left critics dumbfounded.
3 Pages(750 words)Article
Marketing Function and Strategy Audit
The stores offer general merchandise, fuel, health care and pharmacy among other things. The company runs approximately 2,394 customary and hard-discount store, comprising 899 authorized Save –A –Lot stores. The company makes approximately $ 38 billion of sales yearly.
3 Pages(750 words)Article
Corporate governance best practices: 10 years after SOX by Ken Yysiac
Accounting Information Systems "Article Review" Article 1 The first article chosen for review is “Corporate governance best practices: 10 years after SOX: Section 404 has had profound impact on controls environment” by Ken Yysiac. Summary of Article This article accentuates on the impact that Sarbanes-Oxley Act (SOX) and particularly its Section 404 on the corporate governance environment in the last one decade.
2 Pages(500 words)Article
Wall Street Journal Articles for International Accounting
Financial instruments, revenue recognition and lease accounting forms key among the accounting areas that the boards seek to address. If this initiative sails through then it will certainly have remarkable impact on the way companies account for most of their transactions.
3 Pages(750 words)Article
Departmental Select Committees
There are several proposals for the reformation of the scrutiny system, the European scrutiny system should be enforced into the parliament and particularly when tackling the present disconnection amongst the parliamentary committees and the Commons Chamber.
6 Pages(1500 words)Essay
Audit Theory and Practice
The words in italics refer to essential conditions that should be fulfilled for a successful auditing venture. Under company law, the financial statements of all limited companies must be audited under guidelines of professional independence which lays emphasis on an 'attitude of mind' characterised by integrity and impartiality (Gray & Manson, p.17).
8 Pages(2000 words)Article
Marketing Audit
The emergence of new processes and spaces is increasingly becoming a major determinant of the characterization of today’s society. Although the daily interactions of individuals continue to take place at a level that is local, the flows of money, information, images
2 Pages(500 words)Article
Article review
In the second paragraph, the writer has been justified in defining the meaning of Sarbanes –Oxley act, which proved the article and writer to be professional. According to
2 Pages(500 words)Article
Other Issue and the audit report
The article hence continues to give propositions which were made in regard to the content and structure in which auditor’s report with a purpose to enhance its use when it comes to decision making.
1 Pages(250 words)Article
Let us find you another Article on topic Audit Committees for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us