Joint Audit Committee

News & Analysis as of

Is Your Board Engaged on Compliance or Not? Be Honest!

We all can cite situations in which we avoid the truth. Part of the reason is we want to believe and cannot accept the truth. With age, we supposedly acquire wisdom and become more realistic about personal and professional...more

COSO and Internal Controls – Part V

This post concludes my exploration of internal controls and how companies can demonstrate compliance with the internal controls requirement under the Foreign Corrupt Practices Act (FCPA) by adhering to the Committee of...more

Blog: Agenda Overload For Audit Committees?

In its 2015 Global Audit Committee Survey, KPMG found that audit committee members around the world had four key concerns: “economic and political uncertainty and volatility, regulation and the impact of public policy...more

SEC Plans Concept Release on Audit Committee Disclosures

The Securities and Exchange Commission plans to issue a concept release in early 2015 addressing possible changes in the audit committee disclosures in proxy statements. SEC Chair Mary Jo White disclosed this plan at the...more

JAC Maintains Current Restrictions on Trading While Undermargined and Publishes Summary of Residual Interest Requirements

The Joint Audit Committee (JAC) has announced that it will maintain its current restrictions on trading while undermargined. As background, the JAC Margins Handbook provides that if an account is undermargined for an...more

Blog: SEC To Issue Concept Release Regarding Audit Committees

Compliance Week reports that SEC Chair Mary Jo White, speaking before the Investor Advisory Group of the PCAOB, said that the SEC plans to Issue a concept release in early 2015 “exploring possible avenues for elevating the...more

Expanding Liability for Audit Committee Members

When one considers the corporate bureaucracy designed to ensure good corporate citizenship, the audit committee stands out. No committee of the board has the broad ranging purview of the audit committee, and those powers and...more

JAC Issues Guidance on Margin Funds

The Joint Audit Committee (JAC) has issued a regulatory alert regarding the receipt and disbursement of margin funds. As noted in the regulatory alert, a futures commission merchant (FCM) is generally prohibited from applying...more

Increasing Focus on Expansion of Audit Committee’s Report

Recommendations that audit committees provide more robust discussions in their reports that are included by public companies in their proxy statements are getting more attention. The Audit Committee Collaboration’s report,...more

Gehrig’s Streak Ends And Compliance Week 2014 Is Near

Today we celebrate greatness in two areas. The first is in baseball as on this day in 1939, “New York Yankees first baseman Lou Gehrig benches himself for poor play ending his streak of consecutive games played at 2,130....more

Joint Audit Committee Adopts Template Acknowledgment Letters

On March 12, the Joint Audit Committee issued a regulatory alert and revised templates for segregated, secured and cleared swap customer acknowledgment letters...more

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