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

NEWS

IRS sets start date for tax season

The IRS announced that tax season will start in late January and that it will issue refunds to taxpayers despite the partial shutdown of the federal government.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.