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Audit Committees Offer Details on Auditor Independence

Tammy Whitehouse | December 2, 2014

An analysis of recent audit committee disclosures in proxy statements shows a significant majority of all S&P Composite 1,500 companies are talking to investors about auditor independence, but fewer are addressing how long the auditor has been engaged or how the audit committee appoints the auditor, and very few attempt to explain how audit fees relate to audit quality.

The Center for Audit Quality and Audit Analytics studied audit committee proxy disclosures among companies on the three major S&P indexes -- the S&P 500, the S&P MidCap, and S&P SmallCap -- to gauge the extent to which audit committees have answered some calls from the market for more voluntary disclosure about how...

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