FTSE firms lack audit experience

The qualifications of FTSE 350 audit committees has been called into question
after a Grant Thornton survey revealed that 55 did not have a single person on
the committee with ‘recent and relevant financial experience.’

At a time when firms’ corporate governance policies are under scrutiny, it is
a major short-coming for audit commitees and chairs to lack knowledge in the
latest accounting practices, partner Eddie Best told the Birmingham

The survey also charts a decline in the average number of directors, which
fell from 9.5 to 8.5 in 2008.

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