The impact of accounting standards developments and financial reporting complexities on the audit committee
Journal of Economic and Financial Sciences
| Field | Value | |
| Title | The impact of accounting standards developments and financial reporting complexities on the audit committee | |
| Creator | Marx, Ben du Toit, Erica | |
| Description | The developments in accounting standards and the increased complexity of financial reporting present many challenges and difficulties to the preparers of financial statements and the audit committee as overseers of the financial reporting process. Accordingly, the audit committee should consist of independent directors with the right experience and expertise and, given the complexity of today’s financial statements, it is essential that they should also be financially literate, with at least one member being a financial expert. This article discusses the impact of the development and increased technical nature of accounting standards on the constitution and workings of the audit committee. Empirical evidence is also provided that the average audit committee at the largest listed companies in South Africa consists of members who can be considered as financially literate, with at least one member being a financial expert, and that they are compensated for this expertise. | |
| Publisher | AOSIS | |
| Date | 2009-10-31 | |
| Identifier | 10.4102/jef.v3i2.338 | |
| Source | Journal of Economic and Financial Sciences; Vol 3, No 2 (2009); 115-132 2312-2803 1995-7076 | |
| Language | eng | |
| Relation |
The following web links (URLs) may trigger a file download or direct you to an alternative webpage to gain access to a publication file format of the published article:
https://jefjournal.org.za/index.php/jef/article/view/338/419
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