Most Audit Committees Still Lack Accountants


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.

TOP 10

SPONSORED REPORT

A new line of business to consider

Technology assessments may open the door to new engagement opportunities for your firm. What is a technology assessment? How do you perform one? JofA Tech Q&A author J. Carlton Collins shows you in a detailed explanation.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.