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Audit Committee Reporting Obligations
The increasingly responsible role of the independent audit committee of a board of directors has become, and will continue to become, more complex and more important. Various regulatory authorities continue to focus on and expand the role and responsibility of the independent audit committee, including not only its oversight role, but also its disclosure requirements. Among the regulatory authorities, the Public Company Accounting Oversight Board (PCAOB), the Securities and Exchange Commission (SEC) and stock exchange rules focus on the expanding role and responsibility of the independent audit committee.
Background
Since the enactment of the Sarbanes-Oxley Act of 2002 (SOX), regulatory focus has been directed toward improving auditor independence and the role of the audit committee as the gatekeeper and responsible entity for engaging, overseeing and monitoring the performance of independent auditors. In addition, since the creation of the PCAOB, literally hundreds of inspections of registered public accounting firms have occurred and continue to occur. Many of the inspections have resulted in finding significant deficiencies in audits examined, raising audit quality issues. Also, there is an increased focus on the part of investors and proxy advisers on the governance of audit firms, their independence, their objectivity, and thus the role of the audit committee in selecting the audit firm and overseeing these responsibilities.
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