Never, in all my years of writing about corporate mismanagement and governance gone awry, have I seen unhappy investors survey the wreckage and then holler, “Why the hell was the audit committee’s role so poorly defined?” Instead, they always holler, “What the hell was the audit committee doing?” And in our hyper-capitalist society, where so much of your fortune depends on the value of the assets you own, investors have a right to know.
Sourced through Scoop.it from: www.complianceweek.com
A good read. “How” to execute audit committee responsibilities is provided by statute, regulation, rule, standards in the community, and the business judgment rule. Knowledgeable, skeptical, inquiring, diligence and decision making, standing up and being heard, integrity, and looking forward.
Dave Tate, Esq. (San Francisco / California)