As the spotlight turns directly toward the boards of directors’ audit committees, due to recent government reforms addressing their independence and effectiveness, expectations have been raised on their role as guardian of investors’ interests and corporate accountability. Shareholders rely on the audit committee to embrace these new rules and provide independent, effective oversight of the financial reporting process.
Equally important, however, are the expectations the audit committee places on the other participants in the financial reporting process. The regulatory reforms will prompt audit committees to heighten their expectations of management, including the Chief Financial Officer (CFO), and external auditors. These reciprocal demands and expectations are indispensable to the smooth and efficient operation of the financial reporting process.
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