Audit Committee - Impact of The Sarbanes-Oxley Act of 2002

Impact of The Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 increased audit committees’ responsibilities and authority. It raised membership requirements and committee composition to include more independent directors. Companies were required to disclose whether or not a financial expert is on the Committee. Further, the Securities and Exchange Commission and the stock exchanges proposed new regulations and rules to strengthen audit committees.

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