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The Sarbanes-Oxley Act of 2002: understanding the independent auditor's role in building public trust.
Strengthening Auditor Independence
The Sarbanes-Oxley legislation attempts to create a more independent environment for auditors to make their contribution to the corporate reporting supply chain. In many ways, the provisions of the Act pertaining to auditor independence reassert the primacy of investor interests, reminding all parties of their responsibilities to protect and safeguard the interests of investors. Sarbanes-Oxley contains significant provisions for SEC issuers designed to strengthen both the fact and the perception of auditor independence.These include:
* Direct reporting responsibility between the independent auditor and the audit committee, not management, of the company under audit
* Pre-approval by the audit committee of all services provided by the independent auditor
* Limits on the type of non-audit services that accounting firms may provide to companies under audit
* More clearly defined disclosures of the fees paid to auditors for all services
* Restrictions on the employment of audit engagement team members by companies under audit
- NRG's Audit Committee Engages KPMG as Independent Auditor.
- Press release article from: Business Wire May 25, 2004 700+ words
...today announced that the Audit Committee of its Board of Directors...to serve as the Company's independent auditor beginning immediately...Chlebowski, Chairman of the Audit Committee. "KPMG continually impressed...
- Midwest Banc Holdings Names New Auditor; Audit Committee Selects...
- Press release article from: Business Wire April 22, 2005 700+ words
...PwC) to serve as the company's independent auditor. As previously reported McGladrey...Hartley, chairman of the company's audit committee, said "the board of directors is...industries." Hartley added, "the audit committee and financial staff of the company...
- H&R Block Annual Meeting Election Results Certified; Audit Committee Determines...
- Press release article from: Business Wire September 24, 2007 700+ words
...equivalent to being audit committee members, would impair...Accordingly, the audit committee concluded that it...as the company's independent auditor so that the new directors...conclusion, the audit committee was assisted by its...
- PPL Selects a New Independent Auditor.
- Press release article from: PR Newswire November 16, 2005 700+ words
...that its audit committee has appointed...company's independent auditor beginning...company's independent auditor for the fiscal...PPL's audit committee will solicit such independent auditor proposals...
- SCB Computer Technology, Inc. Announces Anticipated Restatement of Financial...
- Press release article from: Business Wire April 14, 2000 700+ words
...as SCB's independent auditor, and KPMG...firm. The audit committee's investigation...advised the audit committee of its resignation...as SCB's independent auditor effective...2000. The audit committee has commenced...
- AutoNation Appoints KPMG LLP As Independent Auditor.
- Press release article from: PR Newswire May 6, 2003 700+ words
...as the Company's independent auditor for the fiscal year...AutoNation's previous independent auditor was Deloitte &...the Company's Audit Committee decided to search for a new independent auditor following Deloitte...
- PECO II Appoints KPMG LLP as Independent Auditor.
- Press release article from: PR Newswire April 8, 2004 700+ words
...today that it has named KPMG LLP as its independent auditor. The Audit Committee of the Board of Directors made the appointment...announce the appointment of KPMG as our independent auditor," said Sandra A. Frankhouse, chief financial...
- Biopure Appoints New Independent Auditor.
- Press release article from: PR Newswire April 10, 2008 700+ words
...Biopure Corporation announced today that it has engaged Vitale, Caturano & Company, Ltd as its independent auditor. The audit committee of Biopure's board of directors made its selection after a review of audit firms that had expertise...
Source: HighBeam Research, The Sarbanes-Oxley Act of 2002: understanding the independent...