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10 point plan to improve oversight of financial reporting process 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 committee sizes and increased financial literacy Companies that meet the size criteria large should have an audit committee comprised of a minimum of three directors Furthermore at least one of the members should have accounting or related financial management expertise Point 4 Mandate written charter detailing responsibilities and duties Adopt a formal written charter approved by the full board of directors that specifies the scope of the committees responsibilities and to review and reassess the adequacy of the audit committee charter on an annual basis Point 5 Mandate annual i3ublic disclosure of audit committee activities The SEC should require proof from the committee that it has adopted a formal written charter and to see if the committee satisfied it responsibilities under the charter These findings also should be disclosed in the annual report to the stockholders Point 6 Clarify oversight responsibility for outside auditors It should be specified that the outside auditor is ultimately accountable to the board of directors and the audit committee as representatives of the shareholders Point 7 Mandate discussion with outside auditor regarding independence
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