Executive Summary
To protect investor interests, audit committees in the aftermath of the Sarbanes–Oxley Act of 2002 (SOX) have accepted increased proactive, fiduciary, and oversight responsibilities on behalf of their company’s board of directors. The audit committee must have adequate resources to effectively discharge these increased responsibilities. Audit committee resources consist of both capital and human resources. Section 301 of SOX empowers audit committees to engage independent counsel and other advisors as the committee determines necessary to carry out its duties.1 Section 301 also requires each public company to provide for appropriate funding as determined by the audit committee (in its capacity ...
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