US audit committees to call on CAs

Link: Audit committees – Where to next?

Under Sarbanes-Oxley, at least one member of a public company’s audit committee is supposed to be a financial expert.

PwC partner Bruce Blakley told a gathering of woman accountants in San Diego: ‘Given the current movement of oversight and legislative issues, we as accountants are going to see more opportunities to participate as board and audit committee members.’

Sarbanes-Oxley has brought in a number of new responsibilities for audit committees in the US.

They are now responsible for the appointment and compensation of the auditor and for oversight of the auditor’s work and must also pre-approve audit and non-audit services.

Blakley noted that the responsibilities of some audit committees have expanded to include areas such as risk management, compliance, federal sentencing guidelines, and information systems, WebCPA reported.

Related reading