American Accounting Association 2006 Midwest Region Meeting March 30 – April 1 Chicago, Illinois

Friday, March 31, 10:20 a.m.-12:00 noon
Concurrent session 2D - SOX and Assessing Risk (Auditing)

Title: Audit Committee Responsibilities Post Sarbanes-Oxley

Annemarie K. Keinath, Ph.D Indiana University Northwest

Judith C. Walo, Ph.D, CPA Central Connecticut State University

ABSTRACT: This study provides evidence on the changes in audit committee responsibilities resulting from the enactment of the Sarbanes-Oxley Act (SOA) of 2002. SOA imposes dramatic increases in both the authority and the responsibilities of the audit committees of publicly held companies. This research examines the responsibilities adopted in the audit committee charters for the NASDAQ 100 companies. The results demonstrate that not only have the majority of companies adopted the changes required by either the SOA or NASDAQ, but that a significant portion of companies have been proactive and have adopted additional responsibilities not required by either the SOA or the NASDAQ.

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