|Press Release||July 25, 2012|
The Audit Committee is in CAQ’s
~~Third in Series of Educational Videos features Indy Pendent
and other members of The System of Investor Protection~~
Washington, D.C. – The Center for Audit Quality’s (CAQ) third educational video explores the role of the audit committee, an important hub for the System of Investor Protection.
The video is narrated by External Auditor Ledger Lines. Joining him are Audit Committee Chair Indy Pendent, CFO Lotta Charts, Internal Auditor Ida Figures and Regulator Johnny Law.
“Audit committees oversee the company’s financial reporting process, including whether the company has effective controls to deter and detect fraud. They must understand the company and agree with its choice of accounting policies,” Indy Pendent, the Audit Committee Chair, tells viewers. The video also explains that, among other duties, the audit committee hires and oversees the external auditor.
Earlier videos in this series on “The System of Investor Protection” and “The Financial Statement Audit” have been viewed collectively more than 23,000 times since last October.
“‘The Audit Committee’ uses a film noir approach to explain the critical role audit committees play in overseeing the financial reporting processes of publicly traded companies,” said CAQ Executive Director Cindy Fornelli. “This series of videos is helping to narrow information and expectation gaps regarding the roles of boards and audit committees, financial management at companies, the external auditors, and the regulatory framework they operate under, more generally.”
To view the third video, go to www.CAQForInvestors.org, a dedicated website that hosts a variety of resources for investors, including The Guide to Public Company Auditing and “Did You Know?” facts about the audit process.
All three videos also are available on social media channels YouTube, Facebook and Twitter.
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The Center for Audit Quality (CAQ) is an autonomous public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ fosters high quality performance by public company auditors, convenes and collaborates with other stakeholders to advance the discussion of critical issues requiring action and intervention, and advocates policies and standards that promote public company auditors’ objectivity, effectiveness and responsiveness to dynamic market conditions. Based in Washington, D.C., the CAQ is affiliated with the American Institute of Certified Public Accountants. For more information, visit www.thecaq.org.