Audit Committee Insights

May 9, 2007

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FINANCIAL REPORTING ISSUES

Recognizing IFRS, U.S. GAAP: New EU-US Transatlantic Framework

The EU and U.S. adopted a framework for advancing economic integration.

Finally: German Whistleblower Guidelines Released

COMPLIANCE WEEKGermany has published guidelines that adhere to local laws.


SURVEYS AND TRENDS

Firms Face Non-Executive Demand in Combined Code Push

ACCOUNTANCY AGEIt may become mandatory to recruit outsiders as independent non-executive directors.

FSA Lacking Confidence in Crime Cases

DAILY MAIL (LONDON) [LEXISNEXIS]Less than 40 percent of supervisors in the financial watchdog feel fully confident in their job.


SHAREHOLDER ISSUES & NEWS

A Debate Over Directors Raises Questions About Governance in Indian Banks

Industry watchers underline the government's right to reorganize public-sector bank boards.

Shot in the Foot

INTERNATIONAL FINANCIAL LAW REVIEW [LEXISNEXIS]Auditors may not be able to help Japanese issuers with global offerings.

Canada: Focus on Corporate Governance

MONDAQ BUSINESS BRIEFING [LEXISNEXIS]Many Canadian public corporations are reviewing their system for electing directors.


COMMENTARY AND PERSPECTIVES

SOX Whistleblowers Can Be Hard to Hear in the EU

For U.S. companies in Europe, it's S-O whistleblower rules versus EU data protection laws.

How to Benchmark Internal Controls

BUSINESS FINANCE MAGAZINEThe OCEG chairman and CEO spells out eight internal financial control objectives.
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KPMG ANALYSIS

Audit Committee Institute Focus

Audit Committees: Decide on Who Does What in Risk Management

Canadian audit committee members find themselves in the middle of a critical debate over who has responsibility for risk management oversight.

Prevent, Detect, Respond: Taking Corruption Seriously

Bribery to conduct business poses major legal and reputation risks to companies at home and abroad, according to David Van Homrigh, KPMG in Australia national managing partner, forensic.

US ACI Spotlight

Audit Committees Good Partner for CD&A Oversight

Compensation committees are tapping audit committees to help oversee compliance with new executive compensation disclosure rules.

Thought Leadership

SEC Announcement on IFRS in Filings

In this issue of Defining Issues, KPMG reports the SEC plans to issue releases on whether U.S. and foreign companies should be permitted to elect either IFRS or U.S. GAAP for their financial statements.

Roundtables and Meetings Calendar

A calendar of the roundtables and seminars being held by the Audit Committee Institutes worldwide.

ACI International

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