Keys to an effective audit committee

Article Abstract:

Audit committees in financial institutions should possess a number of characteristics to remain effective. The first is a charter and mission which outlines the duties of the committee as well as sets limits on the responsibilities that the committee can assume. Second is a capable chairperson to determine the committee's activities and ensure that these are carried out. The next requirement is to ensure open communications with internal auditors by assuring them that they can share any problem or concern to the committee without any consequences. The same relationship should also be established with external auditors. Lastly, committees must conduct self-evaluations regularly to determine its effectiveness.

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Are the Big 8 Increasing Their Share of the NYSE, AMEX, and OTC Audit Markets?

Article Abstract:

Big 8 firms control a majority of the largest United States corporate accounting. Evidence is presented that their market share is increasing. Firms listed on the OTL switch from, as well as toward, the Big 8 with more frequency than the larger companies.

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The Carter case: falling into 'the audit gap'

Article Abstract:

Issues are presented concerning the charge of defrauding the public through the concealment of adverse financial information on Rothwell's performance which was brought against chartered accountant Louis James Carter in 1996.

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