Audit Committee Composition and Functioning Post-Enron

The role of audit committees is crucial in the financial reporting process. I studied a sample of 288 SP in many instances, such additions happen in companies that already have multiple audit committee financial experts. This suggests that although it is challenging to find audit committee financial experts it is not impossible as some critics may have suggested in the past when the definition of who is an audit committee financial expert was under debate. I also examined the frequency of audit committee meetings in 2000-2002 and 2008-2009. It was important to look at changes in audit committee meetings in the post-Enron period because companies were likely to revert to reducing costs and reduce audit committee meetings. However, I found that the number of audit committee meetings has continued to increase, contrary to concerns that audit committees would become less diligent with the passage of time.