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Most Audit Committees Still Lack Accountants
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Most Audit Committees Still Lack Accountants
T he number of accountants on audit committees more than doubled from 2002 to 2005, according to Huron Consulting Group’s 2006 Audit Committee Research Report ( www.huronconsultinggroup.com ), which sampled the biographies of committee members at 178 public companies from Nasdaq 100 and Fortune 100 listings.
However, more than 60% of the companies still did not have an accountant on their audit committee.
While all companies reported having a committee member with financial expertise, only 23% of those individuals had accounting backgrounds.
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