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).
USAID Project Monitoring and Evaluation (M&E) Quiz Description: Become familiar wi...
Quiz Description: Become familiar with USAID Branding and Marking requirements. This...
Quiz Description: Become familiar with USAID concepts and terminology. This quiz tests y...
Updated Powerpoint accompanying the article: Reform Strategies for Boards of Directors in Emer...