are experiencing an evolution of their role to include broader oversight in
matters of financial responsibility and risk management, according to findings
& 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
‘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.
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The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season