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Broad support for audit reforms.

Document Cited in Related
Vincent
PositionNews Round-Up

Sir Robert Smith's report on audit committees has been widely welcomed by the accounting profession, "This as another important contribution to the UK system of corporate governance," said Stathis Gould, CIMA's head of technical issues. The report recommends that audit committees should include at least three members--all independent non-executive directors--and that at least one should have recent and relevant financial experience. It also clarifies the role of the committee, which covers the monitoring of the integrity of financial statements and reviewing significant reporting judgments. In a report on auditor independence...

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