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Audit Committee Checklist: Compliance Programs

Jaclyn Jaeger | July 27, 2010

In recent years, audit committee members have seen the scope of their responsibilities expand in all directions—but none so much as in their oversight of ethics and compliance.

Considering that regulators “are on steroids in this new environment,” ethics and compliance issues are now critically important, says Timothy Lupfer, a director for Deloitte Consulting. “We’ve reached a point where things can be magnified very quickly, and a company’s brand can be impacted very significantly.”

To some extent, the information about compliance that audit committees received in past years was simply a reflection of the incomplete scope of their companies’ compliance functions, says Bobby Kipp, leader of the ethics and business conduct practice at PricewaterhouseCoopers. Prior to the 2000s, compliance programs were generally confined to a Code of Conduct, an ethics hotline, and maybe a few specific areas of corporate compliance for the highly regulated, Kipp says. Hardly any...

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