| Audit
Committee Quarterly
Audit Committee Quarterly: Fall
2003
The Fall 2003 issue of Audit Committee Quarterly
is focused on a discussion of concepts and practices that lead to
compliance with the new corporate accountability reforms being a
by-product of audit committee effectiveness. This publication has
been redesigned to make it even more useful to audit committee members
and those that interact with and support them, and is based on a
proposed audit committee framework summarized on the inside front
cover. The framework provides an overview of the elements for establishing
an effective process for audit committee oversight.
Audit Committee Quarterly
: Fall 2002
The Fall 2002 issue of Audit Committee Quarterly
focuses primarily on four major areas that are currently dominating
the agendas of boards of directors, including audit committees,
management, and external auditors: The Sarbanes-Oxley Act of 2002,
Securities and Exchange Commission (SEC) rulemaking efforts, New
York Stock Exchange Corporate Accountability and Listing Standards
proposals, and NASDAQ Listing Standards proposals. As extraordinary
events unfolded over a period of less than one year, the regulatory
environment and public scrutiny impacting the board and audit committee,
management, and the external auditors have never been more intense.
Audit Committee Quarterly : Winter
2002
The Winter 2002 issue of KPMG's Audit Committee Quarterly
is dominated by reactions to three major events: the collapse of
Enron Corp. and other high profile financial statement restatements,
new risk perceptions due to the tragic events of September 11, and
the 2001 economic downturn and its impact on financial reporting.
Each of these events has resulted in significant shareholder interest
in the audit committee process and how it might be improved to minimize
similar risks at their companies.
Audit Committee Quarterly : Fall
2001
In this issue of Audit Committee Quarterly, ACI
discusses the internal control recommendations of the O'Malley Panel,
changes in the SEC's leadership, and various developments in auditing
guidelines. This issue also includes an overview of the new FASB
statements on business combinations and goodwill that will change
how financial statements reflect these transactions.
Audit Committee Quarterly : Spring
2001
In this Audit Committee Quarterly, the ACI provides
its thoughts concerning the reaction to the disclosure of fees paid
to external auditors. This document also highlights the continued
interest of the SEC in the audit committee process, and the effort
by the SEC to significantly increase the number of 10-K filings
reviewed. We also summarize a number of accounting regulation projects
including the revised FASB Exposure Draft related to goodwill.
As always, we've included articles related to the audit committee
process and best practices - including Canadian efforts to create
new audit committee regulations.
In our "Evolving Issues" section, we provide an overview of the
new business trend of analyzing Enterprise Risk Management to gain
competitive advantage.
Audit Committee Quarterly : Winter
2001
Annual proxy statements filed after February 5, 2001, need
to include the disclosures required by the SEC's new Auditor Independence
Rules (Title 17, Chapter II of the Code of Federal Regulations)
and in this issue of Audit Committee Quarterly we provide
an overview and some recommendations to audit committees in addressing
these new rules. This issue also includes an overview of four interpretations
related to financial statement materiality that have been issued
by the Auditing Standards Board, followed by its announcement of
a series of new projects in response to the report issued by the
Public Oversight Board (POB) Panel on Audit Effectiveness (also
known as the O'Malley Panel).
In the Audit Committee Resources section we provide some feedback
from the Fall 2000 Audit Committee Roundtable series. This section
also includes some year-end reminders, the results of research sponsored
by KPMG's Audit Committee Institute (ACI) on the quality of financial
reporting, and an announcement of the appointment of a new partner
in charge of the Audit Committee Institute.
In the Evolving Issues section, we share some thoughts on e-commerce
and steps that can be taken to defend a company's assets against
cyber crime.
Audit Committee Quarterly : Fall
2000
In this Audit Committee Quarterly, the ACI discusses
how a number of new SEC projects will impact the way audit committees
relate to shareholders, analysts, and auditors. This includes two
recent SEC initiatives focused on the relationship between public
accounting firms and their clients. This issue also highlights two
SEC revenue recognition interpretations that must be implemented
by the fourth quarter of 2000 for calendar-year companies. These
SEC interpretations focus on Revenue Recognition in Financial Statements
and Reporting Revenue Gross as a Principal versus Net as an Agent.
In our "Evolving Issues" section, we share results of a KPMG survey
that addresses how successful companies performed in their integration
efforts after a merger, as measured by actual increases or decreases
in shareholder value.
Audit Committee Quarterly : Summer
2000
This issue of Audit Committee Quarterly includes a discussion
of the deferral of SAB 101 on Revenue Recognition, the draft report
of the POB-Panel on Audit Effectiveness, and other SEC, accounting
and auditing developments. This issue also includes an overview
of ACI's survey of the impact of the new audit committee regulations
and an article addressing corporate compliance.
Audit
Committee Quarterly : Spring 2000
This issue which was published in January 2000 addresses
Staff Accounting Bulletin (SAB) No. 99, Materiality; SAB no. 100
Restructuring and Impairment Charges; SAB No. 101 Revenue Recognition
in Financial Statements; and the new Audit Committee Regulations
including the impact from the SEC, the Exchanges and the AICPA.
Audit Committee Quarterly : Summer
1999
This issue included a summary of the original recommendations
of the Blue Ribbon Committee on Improving the Effectiveness of Audit
Committees (and KPMG commentary). Also included was a discussion
of some of the conclusions from FASB on the Business Combinations
project, new standards or proposals impacting international auditing
and accounting, and an update on other SEC and accounting matters.
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