The SEC's Blue Ribbon Committee on Improving Audit Committees

Paper Summary:

This paper is the examination of findings of the Security and Exchange Commission's (SEC), Blue Ribbon Committee (BRC) that was formed in September of 1998 to address concerns about various accounting practices. The committee's report, detailing their ten recommendations and the results they hoped to achieve, are examined in detail. The report was issued in February 1999, an since then several rules, regulations and standards have been enacted in the spirit of the committee s recommendations.

From the Paper:

"The Blue Ribbon Committee's report entitled Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees was issued in February 1999 and consisted of two sections (Grant Thorton). First, ten recommendations for actions to be taken by regulatory or standard setting bodies, such as the AICPA, SEC, NYSE, and NASD were presented (Grant Thorton). Second, five guiding principles for best practices that may be used by companies as building blocks in developing audit committee processes and practices were discussed (Grant Thorton). "

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