Financial Reporting Oversight Function of the Audit Committee
Executive Summary
The financial reporting oversight function (FROF) of the audit committee includes reviewing financial communications, including financial statements and disclosures, earnings releases, earnings guidance, and overseeing management’s accounting policies and practices. The FROF is the most important responsibility of the audit committee, and in most (if not all) cases, an audit committee can perform no function more significant than reviewing a company’s financial reports and financial reporting processes. An audit committee’s effective of FROF can improve the integrity, reliability, quality, and transparency of financial reports. The audit committee should ...
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