Securities Commissions (IOSCO), the World Bank and, most significantly, the European Communities(EC).
In October 2002, IFAC commissioned a Task Force on Rebuilding Public Confidence in Financial Reporting to use a global perspective to consider how to restore the credibility of financial reporting and corporate disclosure. Its report, \includes recommendations for strengthening corporate governance, and raising the regulating standards of issuers. Among its conclusions and recommendations related to audit committees are :
1. All public interest entities should have an independent audit committee or similar body .
2. The audit committee should regularly report to the board and should address concerns about financial information, internal controls or the audit .
3. The audit committee must meet regularly and have sufficient time to perform its role effectively .
4. Audit committees should have core responsibilities, including monitoring and reviewing the integrity of financial reporting, financial controls, the internal audit function, as well as for recommending, working with and monitoring the external auditors.
5. Audit committee members should be financially literate and a majority should have \financial experience.\They should receive further training as necessary on their responsibilities and on the company.
6. Audit committees should have regular private \sessions\with the outside auditors and the head of the internal audit department. These executive sessions should not include members of management. There should be similar meetings with the chief financial officer (CFO) and other key financial executives, but without other members of management.
7. Audit committee members should be independent of management .
8. There should be a principles-based approach to defining independence on an international level. Companies should disclose committee members' credentials,
全球公司会计舞弊和改革行为大学毕业论文外文文献翻译及原文
