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10 point plan to improve oversight of financial reporting process By Anonymous 10 point plan to improve oversight of financial reporting process The New York Stock Exchange and The Blue Ribbon Committee saw a need for improvement in corporate auditing They released a report of IO far-reaching recommendations intended to improve the quality of corporate financial reporting Point 1 Revise the definition of independent director They say the definition should read as follows Members of the audit committee should be independent and have no relationship with the corporation that may interfere with the exercise of their independence from management and the corporation Point 2 Require an independent audit committee This point states that NYSE and the NASD Should require companies meeting the size criteria large should have an audit committee made up of independent directors Point 3 Mandate minimum audit
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