Audit Committee Formation in the Aftermath of 2007-2009 Global Financial Crisis, Volume III

CHAPTER 5

Contemporary Issues of Audit Committees

Executive Summary

This final chapter presents the emerging issues of audit committees including challenges, opportunities, and improvements. These emerging issues are classified into sections pertaining to: (1) the role of audit committee in the global market and investor confidence; (2) audit committee financial expert determination; (3) audit committee role in internal controls and risk management including Section 404 compliance; (4) audit committee role in electronic financial reporting and convergence in the global financial reporting; (5) audit committee role in audit function including interaction with the Public Company Accounting Oversight Board (PCAOB); and (6) the audit committee role ...