PracticeAuditE&Y claims ‘evolution’ in audit committee roles

E&Y claims 'evolution’ in audit committee roles

Ernst & Young says remit has broadened in the wake of Sarbox

Audit committees
are experiencing an evolution of their role to include broader oversight in
matters of financial responsibility and risk management, according to findings
based on
Ernst
& Young’s 2006 Audit Committee Survey
.

The firm found this to be the case as audit committees adapted to the
heightened scrutiny and glare of the spotlight created by
Sarbanes Oxley.

‘Whether scrutinizing financial statements or exploring the possible risk
from a cross-border transaction, the work of audit committees is vital to the
future success of the companies they serve,’ said Karole Lloyd, vice chair,
industry & knowledge, at the firm.

The findings were based on a late 2006 survey of audit committee chairs and
members from 176 companies across 11 industry sectors.

Further reading:

Bush admits Sarbox damage

Poor Sarbox guidance a threat to world’s financial
centre

Internet pioneer hits out at Sarbox rules

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

2d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

1w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor