Study Regarding the Necessity, Roles, Responsibilities and Efficiency of an Audit Committee

Author:Ec. Laurenţiu STANCIU, ec. Lucian STOICESCU

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Keywords:audit committee, corporate governance, executive session, AICPA

Abstract:
The audit committee is a relatively new term in the Romanian corporate governance sector, even though it was first introduced in 1939, at the NYSE. The requirements for the companies which are aiming for public listing are more narrow, and sometimes lead to the impression of being either not understood, either too difficult to comply with. The objective of this small study is to supply sufficient information regarding the definition, necessity, roles, responsibilities and activities of an audit committee. The study is divided in two parts. The first one presents theoretical aspects with regards of the definition, roles and responsibilities of the audit committee, and the second part focuses on the practical aspects of the members’ activity.\r\n

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