Point Paper Essay

This essay has a total of 494 words and 3 pages.

Point Paper



10 point plan to improve oversight of financial reporting process.
By: Anonymous

10 point plan to improve oversight of financial reporting process The New York Stock
Exchange and The Blue Ribbon Committee saw a need for improvement in corporate auditing.
They released a report of IO far-reaching recommendations intended to improve the quality
of corporate financial reporting, Point # 1. Revise the definition of independent
director. They say the definition should read as follows * Members of the audit committee
should be independent and have no relationship with the corporation that may interfere
with the exercise of their independence from management and the corporation. Point # 2
Require an independent audit committee. This point states that * (NYSE) and the (NASD)
Should require companies meeting the size criteria (large) should have an audit committee
made up of independent directors. Point # 3 Mandate minimum audit committee sizes and
increased financial literacy. Companies that meet the size criteria (large) should have an
audit committee comprised of a minimum of three directors. Furthermore, at least one of
the members should have accounting or related financial management expertise, Point # 4
Mandate written charter detailing responsibilities and duties. Adopt a formal written
charter approved by the full board of directors that specifies the scope of the
committee's responsibilities, and to review and reassess the adequacy of the audit
Continues for 2 more pages >>




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