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Sarbanes-Oxley Update: SEC Adopts Final Rules Regarding Auditor Independence ( February 2003 )
On January 22, 2003, as required by the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission adopted final rules regarding auditor independence. The new rules impose more rigorous standards of independence for the external auditors of SEC reporting companies (including foreign private issuers) than under existing SEC rules. -
Regulators Issue Joint Policy Statement on Internal Audit Outsourcing ( May 2003 )
The Federal Reserve Board, FDIC, OCC and OTS issued an Interagency Policy Statement on the Internal Audit Function and its Outsourcing on March 17, 2003. The Policy Statement, which replaces previous policy statements on the issue, revises the regulators' guidance on the independence of accountants who provide both external and internal audit services. -
Have You Talked to Your Audit Committee Lately? The evolving role of the audit committee in a post-Enron world ( July 2002 )
Today's audit committees are under enormous pressure to expand their roles and assume greater responsibility in all aspects of financial reporting and disclosure. Audit committee members should expect continued action in this arena in the form of forthcoming legislation and rulemaking, as well as demands from stockholders and other constituents.
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