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#214895 - 07/23/04 03:24 PM IA ineligible to be part of Audit Committee
Anonymous
Unregistered

Can anyone give me a cite where I can show management that the IA can not be part of the audit committee? My bank is trying to setup the IA as the "financial expert" on our audit committee.

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Audit
#214896 - 07/23/04 03:55 PM Re: IA ineligible to be part of Audit Committee
Retired DQ Offline
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Posts: 40,766
Turnpike Exit 10
I don't know if you are public, but the Sarbanes-Oxley Act has an independent director requirement for the audit committee, I don't have the cite handy, but I am sure you can find it.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

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#214897 - 07/23/04 05:33 PM Re: IA ineligible to be part of Audit Committee
Pinkie CRCM Offline
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Joined: Aug 2003
Posts: 399
KY
I couldn't find exactly where it states re: outside director on Audit Comm, but I have an excellent site for SOX publications. Click here.

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#214898 - 07/23/04 05:43 PM Re: IA ineligible to be part of Audit Committee
Pinkie CRCM Offline
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Joined: Aug 2003
Posts: 399
KY

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#214899 - 07/23/04 06:10 PM Re: IA ineligible to be part of Audit Committee
Retired DQ Offline
10K Club
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Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
Good! and welcome to BOL!
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

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#214900 - 07/23/04 06:18 PM Re: IA ineligible to be part of Audit Committee
Pinkie CRCM Offline
Gold Star
Joined: Aug 2003
Posts: 399
KY
So, are you into the 404, and if so, where are you in the process? We are due for our opinion for 2004 and are currently in the narrative documentation phase. Our externals "would like" to start testing next month.

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#214901 - 07/23/04 06:40 PM Re: IA ineligible to be part of Audit Committee
Retired DQ Offline
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Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
Pinkie, I PM'd you. Look for the little blinking red envelope under the "welcome Pinkie" at the top of the page, click it...
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

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#214902 - 07/27/04 03:49 PM Re: IA ineligible to be part of Audit Committee
Anonymous
Unregistered

See Reg 9.9. Conflict - How can you approve your own reports?

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