International Development and Programs (Development Work) - International Development and Programs (Development Work)

The Emerging Role of Audit Committees Download

Description:

The discussion on the formation of audit committees in listed companies goes back to a 1938 US Supreme Court decision in Securities and Exchange Commission (SEC) vs McKesson-Robbins on fraudulent financial reporting. The company inflated assets and earnings by $19 million through fictitious inventories and sales.

One of the recommended practices that emerged from the investigation of the McKesson-Robbins scandal was the SEC’s endorsement of audit committees in 1940 (the NYSE endorsed audit committees in 1939).

Submitted On:

16 Jul 2011

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1.0 MB

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Submitted On:

16 Jul 2011