The corporate audit committee

Article Abstract:

The New York Stock Exchange and the American Stock Exchange require listed corporations to create audit committees from among their boards of directors, pursuant to the recommendations contained in the Securities and Exchange Commission's rules and regulations, the provisions of the Foreign Corrupt Practices Act of 1977, and the suggested operating practices promulgated by the American Institute of Certified Public Accountants (AICPA). The audit committee's responsibilities include: all communications with the public company's outside auditors and verifications of the accuracy of financial reports, external audit procedures, and internal auditing (and their reports). As an illustration of such committees, the operations of the three-man audit committee at South Central Bell is described.

Management, Laws, regulations and rules, Accounting and auditing, Telecommunications systems, Auditing, Corporations, New York Stock Exchange Inc., United States. Securities and Exchange Commission, American Stock Exchange L.L.C., American Institute of Certified Public Accountants, Audit committees

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The bottom line

Article Abstract:

Robert A. Morgan was a member of the Financial Accounting Standards Board and presents improvements he would like to see made. Societal consequences are not always taken into account when accounting and financial reporting principles are determined. Thus the board should show that it has studied every aspect and consequence of its actions before making a statement, and should not be surprised by political imposition by outside forces. Financial accounting affects almost everyone.

Public opinion

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Facts about FASB

Article Abstract:

The Financial Accounting Standards Board (FASB) tries to make and improve accounting standards. Board concepts are developed and guidelines on standard implementation are given. It is independent of business and professional organizations. Topics are added to its agenda through current articles, organizations, individual requests and through monitoring new legislation. Decision making follows steps of due process that allows for public commentary and revisions.

History

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