Transcription of Audit Committees and Auditor Independence brochure
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Audit Committees and Auditor Independence brochure
Audit Committees ANDAUDITOR INDEPENDENCEOFFICE OF THECHIEF ACCOUNTANTThe Securities and Exchange Commissionhas not approved this pamphlet and hasexpressed no views on its with the company, itsofficers, directors or significantshareholders. Thus, Audit committeesshould consider whether the companyhas implemented processes that identifysuch prohibited Financial Relationships. Auditcommittees should be aware that certainfinancial relationships between thecompany and the independent auditorare prohibited. These include creditor/debtor relationships, banking, broker-dealer, futures commission merchantaccounts, insurance products andinterests in investment Between the AuditCommittee and the independent AuditorIndependence Standards Board Standard No. 1requires that the Auditor disclose to the auditcommittee in writing all relationships betweenthe Audit firm and the company that mayreasonably be thought to bear on the Audit firm sindependence. Standard No. 1 also requires theauditor to confirm and discuss its independencewith the Audit committee.
Introduction The Sarbanes-Oxley Act of 2002 mandates that audit committees be directly responsible for the oversight of the engagement of the company’s independent auditor…
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