Corporate Governance Standards: Audit Committee

Resource type: Practice Note

Status: Maintained

Jurisdiction: USA

This Note discusses the corporate governance standards relating specifically to the audit committee of the board of directors established by the SEC, the NYSE and NASDAQ. In particular, this Note describes the audit committee requirements imposed by the Sarbanes-Oxley Act of 2002, including independence, responsibility for the auditors, setting up complaint procedures, authority to retain advisors and the need for adequate funding, and disclosure of audit committee information under the securities laws. This Note also reviews listing standards of the NYSE and NASDAQ relating to the audit committee, including compliance with SEC rules, committee membership and independence, and the need for a written audit committee charter. This Note compares these requirements and discusses preparation of the committee charter.

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Resource ID: 3-381-8544
Products: PLC US Corporate & Securities, PLC US Law Department
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Topics

Corporate Governance and Continuous DisclosureCorporate Governance and Continuous Disclosure (http://us.practicallaw.com/7-386-0710)

Practice Note: Overview

Corporate Governance Standards: Overview Corporate Governance Standards: Overview (http://uslf.practicallaw.com/topic7-381-0956)

Practice Notes

Corporate Governance Practices: Commentary Corporate Governance Practices: Commentary (http://uslf.practicallaw.com/topic0-383-5234)
Corporate Governance Standards: Board of Directors Corporate Governance Standards: Board of Directors (http://uslf.practicallaw.com/topic0-381-5330)
Corporate Governance Standards: Compensation Committee Corporate Governance Standards: Compensation Committee (http://uslf.practicallaw.com/topic4-381-9883)
Corporate Governance Standards: Nominating and Corporate Governance Committee Corporate Governance Standards: Nominating and Corporate Governance Committee (http://uslf.practicallaw.com/topic0-382-1048)

Standard Document

Audit Committee Charter Audit Committee Charter (http://uslf.practicallaw.com/topic5-504-3327)

Standard Clauses

Audit Committee Resolutions: Approving Financial Information and Periodic Reports Audit Committee Resolutions: Approving Financial Information and Periodic Reports (http://uslf.practicallaw.com/topic4-386-0622)
Board Resolutions: Audit Committee and Audit Committee Charter Board Resolutions: Audit Committee and Audit Committee Charter (http://uslf.practicallaw.com/topic1-384-3752)

Checklist

Director Independence Standards Chart Director Independence Standards Chart (http://uslf.practicallaw.com/topic8-502-0391)

Glossary

Audit Committee Audit Committee (http://uslf.practicallaw.com/topic8-382-3246)
Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley, SOX, Sarbox) Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley, SOX, Sarbox) (http://uslf.practicallaw.com/topic8-382-3784)

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