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The Emerging Role of Audit Committees

The Emerging Role of Audit Committees

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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Maassen, G.F. (2002). An International Comparison of Corporate Governance Models. A Study on the Formal Independence and Convergence of One-Tier and Two-Tier Corporate Boards of Directors in the United States of America, the United Kingdom and the Netherlands.

Maassen, G.F. (2002). An International Comparison of Corporate Governance Models. A Study on the Formal Independence and Convergence of One-Tier and Two-Tier Corporate Boards of Directors in the United States of America, the United Kingdom and the Netherlands. Amsterdam: Spencer Stuart Executive Search.