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Audit Committee Brief — Setting the standard: Update on regulatory developments affecting audit committees (February 2012)

Published on: Feb 01, 2012

Regulators have recently proposed or implemented several measures that have significant implications for audit committees. Two initiatives are the PCAOB’s reproposed standard on auditor communications with audit committees, and the FASB’s amended guidance on testing for goodwill impairment.

These standard-setting measures will have a considerable effect on the interaction of audit committees with management and the external auditors. Audit committees may want to consider addressing these topics in upcoming meetings with their management and external auditors. This edition of the brief highlights important aspects of these regulations and outlines implications for audit committees.

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