All Audit Committee articles – Page 2

  • Blog post

    Doty Projects Year-End Completion of Engagement Partner ID


    Image: More than a decade after regulators began mulling how to give some transparency to investors around who actually performs public company audits, PCAOB Chairman James Doty said he is hopeful that the board is on track to “get this done by the end of the year.” Doty recently said ...

  • Blog post

    EY Finds More Voluntary Audit Committee Disclosures


    According to a recent report from EY, audit committees for the largest companies continue to raise the bar on what they voluntarily say in their reports about their responsibility for and oversight of the external audit. In its analysis, EY says 21 percent of audit committees disclosed in 2015 that ...

  • Blog post

    How Hard Is Audit Committee Reform? Here’s One Example


    Image: The SEC has asked for public comment on possible changes to the disclosures audit committees are required to make, and let’s be honest: for a subject this thorny, the SEC needs all the help it can get. Compliance Week editor Matt Kelly explores one example of reform—communication between audit ...

  • Article

    PCAOB to Audit Committees: Help Us Help You


    Image: The PCAOB’s latest guidance to audit committees will help them understand how to push their audit firms to dig deeper into risk. It may also, however, nudge audit committees to undertake risk and audit oversight the PCAOB itself cannot do. “In places like China, the PCAOB cannot inspect, but ...

  • Blog post

    Regulator Roasts Fannie Mae’s CAE Selection


    The Federal Housing Finance Agency has provided a primer for corporate audit committees on how not to appoint and manage a chief audit executive. The FHFA’s inspector general has released a detailed report criticizing Fannie Mae’s selection of a chief audit executive in 2013, calling the audit committee’s process “far ...

  • Blog post

    Latest GRC Survey Shows Disconnect on Risk


    Yet more findings—these from Grant Thornton—reveal that audit committees and chief audit executives differ on priorities. According to the survey, audit committees rank financial risk as most important for internal audit, followed by compliance, operational, and strategic risks. CAEs, however, give compliance risk top billing, followed by operational, financial, and ...

  • Blog post

    Shareholder Wins Bid to Amend Audit Committee Rules


    A recent letter from the Securities and Exchange Commission denies Citigroup’s proposal to bar a person with a history of bankruptcy from joining the audit committee. The Commission said it disagrees with Citi that a shareholder proposal to pursue a bylaw amendment on audit committee service should be excluded from ...

  • Blog post

    Survey: Directors Uneasy About Risk Strategies


    Dec. 16—Many directors are unhappy with their approach to risk oversight and mitigation, frequently feeling out-of-the-loop when it comes to cyber-security threats, according to a new survey by the National Association of Corporate Directors. The survey found that many directors want changes to how risk oversight responsibilities are allocated, with ...

  • Blog post

    Audit Committees Offer Details on Auditor Independence


    Image: A Center for Audit Quality study shows a significant majority of all S&P Composite 1,500 companies are talking to investors about auditor independence, but fewer address how the auditor is appointed. “We think it is important to provide a baseline for audit committee disclosures, with the intent of tracking ...

  • Blog post

    Study Says CFOs Still Control Audit Fees at Many Companies


    Image: Title: MauldinNew academic research suggests the CFO, not the audit committee, still often negotiates the audit fee, despite Sarbanes-Oxley Act provisions meant to put audit committees in the driver’s seat. “At many companies it is still primarily the CFO who calls the shots,” says Elaine Mauldin, professor at the ...