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• W2993895508 abstract "audit committee on the firing line. Increased legal liability often follows on the heels of increased responsibility. audit committees of corporate boards of directors have been handed more responsibility--and perhaps greater liability--as a result of rules the SEC, the New York Stock Exchange, the American Stock Exchange, the National Association of Securities Dealers and FASB developed in the waning months of 1999. Although many audit committee members are protected by directors' and officers' liability insurance, (see box), it is important that they understand the new rules and the potential for increased exposure these rules may impose on them. (See Audit Committee Rules to Improve Disclosure, JofA, Apr.00, page 15.) In the 1970s, massive financial disclosure problems at companies such as Lockheed and Penn Central created a furor as some blamed financial accounting irregularities on too-familiar relationships between corporate boards and outside auditors. To mitigate the problem, Congress passed the Foreign Corrupt Practices Act of 1977, and securities exchanges adopted rules requiring a corporate board to have an independent audit committee. These changes created a system of checks and balances--the board, the audit committee and the outside auditor. three were to complement and check one another to ensure the transparency of books and records. In the ensuing decade, little happened in the way of further regulation. By the 1990s, however, the volume and speed of financial communications put significant pressure on companies and individuals responsible for the content and timing of financial information, as an efficient marketplace responded to news almost instantly. Companies that did not fare well with the required disclosures, including Oxford Health Plans, Cendant, W. R. Grace and Waste Management, received the full wrath of the financial markets and the litigation machinery. shareholders of Oxford, for example, sued the company for mismanagement and misrepresentation of financial results to shareholders and the public. company's stock fell by nearly 50%, representing a $14 billion drop in market value. company has reportedly agreed to settle the case for $2.83 billion. As companies increasingly began to manage their financial disclosures, the practice prompted some to question the integrity of company financials. Regulators began to look more closely at devices such as * Overstating restructuring charges, thereby creating a buffer with which to meet future Wall Street earnings estimates. * Using acquisition accounting to overstate future earning. * Overaccruing charges such as loan losses or sales returns in good times to use to smooth earnings in bad times. * Recognizing sales before completion or when the sale is still reversible by the customer. * Deferring expenses to improve reported results. matter reached a head with a now well-known speech, The Numbers Game, by SEC Chairman Arthur Levitt at New York University in September 1998. Levitt subsequently called for a committee to examine the financial reporting system. result was the creation of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audits to study management's role in financial disclosures. committee issued a report in February 1999, recommending that the various securities exchanges and the SEC implement rules that would provide audit committees with a self-regulatory framework emphasizing disclosure, transparency and accountability. These groups moved quickly, developing and authorizing such rules by yearend 1999, with implementation in 2000. RESPONSIBILITY EQUALS RISK new rules call for more oversight and increase the workload of audit committees and boards. As such, they create a concomitant risk of increased claims exposure at a time when the Securities Reform Act of 1998 has generally made it more difficult for plaintiffs to pursue securities fraud actions. …" @default.
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• W2993895508 title "New Rules, New Responsibilities" @default.
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