BNET Business Dictionary
Business Definition for: Audit Committee
- a committee of a company's board of directors, from which the company's executives are excluded, that monitors the company's finances
Additional Resources
- SEC Adopts New Rules Governing Determination and Disclosure of Audit Committee Financial Experts
- This paper provides the description of the new rules that if the company has an audit committee financial expert, then the company must disclose the name of the expert and whether the person is independent of management. In determining whether an audit committee member is independent, domestic companies will need...
- White papers 2003-05-30
- Rules Implemented Disclosure of Audit Committee Financial Experts
- The SEC has issued final rules to implement Section 407 of the Sarbanes-Oxley Act of 2002. The rules require every public reporting company, including small business issuers and foreign private issuers, to disclose in their annual reports filed with the SEC: 1. Whether the company has at least one "audit...
- White papers 2003-01-26
- Audit Committee Administration Of The Engagement
- This article states that management has retained the accounting firm, negotiated the audit fee, and contracted with the accounting firm for other services. The proposed rules, however, recognized the critical role that audit committees can play in the financial reporting process and in helping accountants maintain their independence...
- White papers 2003-01-29
- The Sarbanes–Oxley Act : Rewriting Audit Committee Governance
- Audit committees and outside auditors are operating in an environment of heightened scrutiny. Although audit committee conduct historically was primarily within the purview of US state law or non-US home country law, SOX makes the audit committee directly responsible for a number of matters and appears to suggest US federal...
- White papers 2003-01-01
- Listed Company Audit Committee Standards - Section Proposes Rule Implementing Sec 301 of Sarbanes -Oxley Act
- The Securities and Exchange Commission proposed a new rule, as directed by Section 301 of the Sarbanes-Oxley Act of 2002, directing the national securities exchanges and national securities regulatory associations to prohibit the initial or continued listing of securities of any issuer that is not in compliance with the audit...
- White papers 2003-01-22
- SEC Adopts Audit Committee Requirements for Listed Companies
- Article discusses the rule recently adopted by SEC that will impose new audit committee standards on companies having listed securities. The new rule requires the national securities exchanges and national securities associations to prohibit the listing of a security of an issuer that is not in compliance with the new...
- White papers 2003-06-25
- SEC Adopts Rules Under the Sarbanes-Oxley Act of 2002 on Codes of Ethics and Audit Committee Financial Experts
- The U.S. Securities and Exchange Commission recently adopted final rules that were mandated by Sections 406 and 407 of the Sarbanes-Oxley Act, and set out new requirements with respect to: codes of ethics; and financial experts on an issuer's audit committee. The final rules implementing Section 406 of the Sarbanes-Oxley...
- White papers 2003-01-29
- Audit Committee Financial Experts
- This audit committee financial experts are brought out from the final rules published by Securities and Exchange Commission requiring each public company board of directors to make a determination as to whether the company has an "audit committee financial expert" serving on its audit committee. If the board determines that...
- White papers 2003-01-01
- AICPA launches audit committee matching system
- In an effort to support and promote effective audit committees for organizations across the spectrum of the American economy, the AICPA has created the Audit Committee Matching System, part of our Center for Audit Committee Effectiveness which will be lauIn an effort to support and promote effective audit committees for...
- Research articles 2003-07-01
- The audit committee in the age of risk: an Ernst & Young survey of audit committee chairs and members at companies around the world offers unexpected revelations around risk management, audit committee composition, continuing education needs and time
- Audit committees have always played a critical role in the oversight of corporations. However, since the onset of Sarbanes-Oxley several years ago, audit committee activities have become not only intensely visible but highly scrutinized. And while Sa Audit committees have always played a critical role in...
- Research articles 2007-03-01
- Audit Committee Requirements and Independent Auditors
- The Sarbanes-Oxley Act of 2002 (the "Act") imposes extensive regulation upon public company audit committees and their independent auditors. The Act, and its implementing regulations, enhance audit committees' responsibilities and duties and clarify the scope of services that an accounting firm can provide to an audit client while retaining its...
- White papers 2003-01-01
- Sarbanes-Oxley Update: Enhanced Audit Committee Standards
- On January 8, 2003, the Securities and Exchange Commission (the "SEC") proposed Rule 10A-3 to implement Section 10Am(1) of the Securities and Exchange Act of 1934 (the "Exchange Act"), as added by Section 301 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley"), which directed the SEC to adopt rules prohibiting the...
- White papers 2003-01-01
- KPMG's Audit Committee Institute.(fYi)(Brief article)
- 70% of 317 audit committee members polled by KPMG's Audit Committee Institute rate their committee "very ... 70% of 317 audit committee members polled by KPMG's Audit Committee Institute rate their committee "very effective." They also say improvements can come in oversight of accounting judgments ...
- Research articles 2006-10-01
- Audit Committee Responsibilities In The Post-Enron Era
- In the wake of Enron's collapse, well-publicized accounting problems at Waste Management,Global Crossing and other companies and a resulting loss of billions of dollars of shareholder value, financial reporting and the Audit Committee are in the spotlight like never before. Over the past several months, President Bush, Congress, the Securities...
- White papers 2002-05-13
- Audit Committee Recruiting A Tough Sell
- The article explains that different corporations have turned up the pressure on corporate audit committees. As a result, one of the biggest challenges corporate officers are facing is convincing qualified executives to accept directorships and audit-committee nominations. Several institutional investors want audit committees to examine off-balance-sheet transactions and special-purpose entities,...
- White papers 2002-04-01
- SEC Adopts SRO Rule Requiring Delisting for Non-complicance with Audit Committee Requirements
- The final rule applies only to domestic and foreign issuers that have a security listed on a national securities exchange or in an automated inter-dealer quotation system of a national securities association. The rule applies not just to issuers with listed voting equity securities, but also to any issuer with...
- White papers 2003-04-16
- Evergreen Solar Receives Nasdaq Deficiency Notice Regarding Audit Committee Requirements; Board Appoints Additional Independent Director to Audit Committee
- MARLBORO, Mass. -- Evergreen Solar, Inc. (Nasdaq: ESLR), today announced that Edward Grady was appointed to the company's Audit Committee on March 11, 2008. Following Mr. Grady's appointment, on March 13, 2008, the company received a notice from Nasdaq indicating that, effective on the resignation of Gerald Wilson from Evergreen...
- Research articles 2008-03-17
- SK TELECOM CO LD (GDR) - Resignation of Audit Committee Member.
- Report on Resignation of Audit Committee Member 1. Resigning Member Classification Resignation of an ...
- Research articles 2008-04-01
- Peerless Systems Board of Directors Appoints Steven M. Bathgate to Audit Committee; Company Regains Compliance With Nasdaq Rule Regarding Audit Committee Composition
- Peerless Systems Corporation (NASDAQ: PRLS) today announced its board of directors has appointed Steven M. Bathgate to the Company's audit committee. As a result of the appointment, Peerless has regained compliance with Nasdaq's audit committee composition requirement under Rule 4350d(2)A. On June 2, 2008, the Company received a...
- Research articles 2008-06-10
- Rotonics Manufacturing Inc. Announces Designation of New Audit Committee Member
- GARDENA, Calif. -- Rotonics Manufacturing Inc. (AMEX:RMI) today announced that Marc L. Berman has tendered his resignation from the Company's Audit Committee due to other obligations. There were no disagreements between Mr. Berman and the Company in his capacity as audit Committee Chairman and Mr. Berman will continue to serve...
- Research articles 2005-09-17
