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The Emerging Role of Audit Committees Download

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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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