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The Audit Committee and its importance
Finance & Accounting
Pages 6 (1506 words)
The Audit Committee and Its Importance Table of Contents Table of Contents 2 Introduction 3 Discussion 3 Historical Background 3 Methodologies 5 Previous Studies on the Topic 6 Mainstream versus Alternative Viewpoints 7 Principle Questions Being Asked 8 General Conclusions that are being Drawn 9 Conclusion 9 References 10 Introduction Purposefully, structured audit committees have been set up in modern organisations, which are bestowed with the responsibility to audit the internal as well as external financial transactions conducted by the company.
The aim of this essay has been thus concentrated on reviewing selected literatures based on the importance of audit committee in the modern day business context, working as a monitor as well as a guarantor of viability in corporate financial reporting. The ultimate objective of the essay will further emphasise the power held by audit committee to affect the corporate financial operations following critical evaluation of secondary evidences. Discussion Historical Background Gendron & Be?dard (2006) revealed that it is owing to this rising pressure that organisations are driven towards maintaining transparency at every level of the managerial processes. Correspondingly, as financials hold considerable importance in managerial processes, the influence of audit committee also expands to a substantial extent. Drawing from this inference made by Gendron & Be?dard (2006), it can be affirmed that comparative to the traditional business contexts, competition and influences of external forces have increased in manifolds in the 21st century. ...
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