CHAPTER 2

Global Perspectives of Audit Committees

Executive Summary

Requirements, structure, and protocols of audit committees vary from country to country. Like the United States, some countries (Canada, Singapore, Australia) have imposed legal and regulatory requirements for the mandatory establishment of audit committees for their listed companies. In other countries (United Kingdom, South Africa, Germany), there are disclosure requirements for either the mandatory establishment of audit committees or an explanation for not establishing audit committees. The oversight responsibilities of audit committees also vary among countries depending on their cultural, political, legal, and economical characteristics. This chapter reviews the development ...

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