External Auditor Oversight Function of the Audit Committee
Executive Summary
Audits of financial statements and internal control over financial reporting (ICFR), in the aftermath of the Sarbanes–Oxley Act (SOX) of 2002, have played a significant role in the financial market by lending more credibility and reliability to public financial information used by investors in making sound investment decisions to make our capital market efficient. The Public Company Accounting Oversight Board (PCAOB) was created by SOX as the regulatory overseer of the public auditing profession. The audit committee and the independent auditor share a common goal of lending credibility, objectivity, dependability, and impartiality to the company’s published ...
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