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New Audit Rules Compel Audit Committee Charter Changes

Tammy Whitehouse | November 10, 2008

New auditor independence rules taking effect are compelling audit committees to update their proxy reports and their charters.

BerkenblitHoward Berkenblit, an attorney with Sullivan & Worcester, said a number of audit committees are just getting up to speed on what they need to do to comply with the new rule, and they’re finding it requires some quick document editing.

“The new rule doesn’t change audit committees’ duties at all, but it is catching some people’s eyes because a lot of audit committee charters and proxies refer to the old rule,” he said. “If the documents refer to the old standard, you have to update those to refer to the new standard.”

The Public Company Accounting Oversight Board adopted Ethics and Independence Rule 3526 to require...

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