The value of audit: views from audit committee chairmen

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The value of audit: views from audit committee chairmen

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In the debate over the value of audit, the role of the audit committee has assumed great importance internationally. The UK’s business regulator the Financial Reporting Council has published several extensive guidance notes in the last two years: firstly on the formation and role of Audit Committees and then on advice for the Audit Committees on issues such as going concern and the economic downturn. Other countries in Europe are also now introducing mandatory audit committees for listed companies. And a recent study2 by Maastricht University on the value of audit was based on the views of Audit Committee members and CFOs in the Netherlands, Germany, France, Belgium and the UK.

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