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ARTICLE · 27 JUNE 2023

Audit Committees: Are They Overworked?

Mayer Brown
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On June 22, 2023, the SEC's Investor Advisory Committee hosted a panel discussion regarding audit committee workload and transparency. The panel was led by James Andrus, with presentations...

United StatesCorporate/Commercial Law
Katelyn Merick
Katelyn Merick
Lawrence A. Cunningham
Lawrence A. Cunningham
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On June 22, 2023, the SEC's Investor Advisory Committee hosted a panel discussion regarding audit committee workload and transparency. The panel was led by James Andrus, with presentations of new research by Lauren Cunningham and Vanessa Teitelbaum and ensuing discussion with several audit committee chairs: Anthony Anderson, Sheila Hooda, Robert H. Herz and David Herzog. The panel touched on nuances of many issues facing a modern audit committee, particularly the expanding universe of risk oversight, the importance of proxy disclosures, the type of information sought out by investors, and whether new regulations are needed. While there was no consensus on the best approach to risk oversight, all of the panelists could agree on a few matters: investors rarely, if ever, raise questions about how the audit committee functions and new regulations are not needed.

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