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- Title
The Job of the Audit Committee: Getting Directors on the Same Page.
- Authors
Livingston, Philip
- Abstract
The article discusses the role of an audit committee. An audit committee's key responsibilities include overseeing the firm's financial reporting to its stakeholders, promoting an effective, independent audit of the financial statements, overseeing the system of internal control, and monitoring the process of risk identification and management. The audit committee's concerns about internal control should center on understanding the fundamentals. There should exist a good framework of understanding between the firm's directors, management, and the auditors.
- Subjects
AUDIT committees; AUDITING of corporations; CORPORATION reports; FINANCIAL statements; FINANCIAL management; INTERNAL auditing; MANAGEMENT controls; CONTROL self-assessment (Auditing); RISK assessment; FINANCIAL disclosure; MANAGEMENT; ACCOUNTING
- Publication
Financial Executive, 2005, Vol 21, Issue 2, p24
- ISSN
0895-4186
- Publication type
Article