Maassen, G.F. (2004). The Emerging Role of Audit Committees. Femus 10(4): 26-29.
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).
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