Audit Committee? Thanks, But No Thanks - CFO.com -
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Published on: 2/28/2002
Last Visited: 4/6/2002
As a result, one of the biggest challenges corporate officers will face this year is convincing qualified executives to accept directorships and audit-committee nominations, says Bob Williamson, CFO of investment bank vFinance Inc. and a former audit-committee member and CFO of Equinox Systems Inc.
Stakeholders, hell-bent on curbing corporate financial failure, will spend the next year meticulously reevaluating the makeup of audit committees.For instance, several institutional investors now want audit committees to examine off-balance-sheet transactions and special-purpose entities, as well as to decipher those complicated footnotes.
Given such requirements, executives and shareholders may have little choice but to court top-flight financial pros for directorships.
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"Recruiting directors for the audit committee is like calling them on deck for a kamikaze attack," quips Williamson.
Nevertheless, if the executive committee doesn't recruit financial top-guns for their boards, at least some institutional investors will.
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