Preprintgreen1999

Introduction to the Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees

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Auditing, Earnings Management, Governance Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

In February 1999, the Blue Ribbon Committee on Improving the Effectiveness of Corporate Auditing Committees released its Report which advances practical recommendations for enhancing audit committee oversight of corporate financial reporting. As Co-Chair of the Committee, the author introduces a reprint of the Report by reviewing its focus on process. Since Generally Accepted Accounting Principles leave wide areas of discretion, quality financial reporting cannot be dictated by precise accounting rules and strictures. Therefore the recommendations focus on ways to improve the process by which the audit committee monitors how this unavoidable discretion is exercised by management and viewed and reviewed by the independent auditors. The author also addresses the issue of how to define quality financial reporting and the misconception that the Report may lead to increased audit committee liability.

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