Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 2, Problem 47RSCQ
To determine

Introduction:Audit committee is a sub-committee of board of directors which is responsible for providing an oversight to the financial reporting process. Audit committee acts as an intermediary between external auditors of the company and the management to resolve areas of conflict amongst them.

To explain:The manner in which NYSE listing requirements for audit committee responsibilities are intended to address the risk of fraud.

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Below ais the summary of the SEC listing requirements for the audit committee responsibilities of companies listed on the stock exchange. For each requirement, state how it is intended to help to address the risk of fraud on publicly listed traded organizations
NYSE corporate governance requirements of companies listed on this stock exchange,, state how it is intended to help to address the risk of fraud in publicly traded organizations. 1. Boards must have an audit committee with a minimum of three independent members. 2.The audit committee must have a written charter that addresses the committee’s purpose and responsibilities, and the committee must produce an audit committee report; there must also be an annual performance evaluation of the committee.
Below is a summary of the SEC corporate governance requirements of companies publicly-listed in the stock exchange. For each requirement, state how it is intended to help to address the risk of fraud in publicly traded organizations.   a. The corporate governance committee must have a written charter that addresses the committee's purpose and responsibilities, and there must be annual performance evaluation of the committee.   b. Boards must have an audit committee with a minimum of three independent members.   c. The audit committee must have a written charter that addresses the committee's purpose and responsibilities, and the committee must produce an audit committee report; there must also be an annual performance evaluation of the committee.
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