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June 18, 2012

FEE launches audit committee consultation

The Federation of European Accountants (Fédération des Experts Comptables Européens – FEE) has issued a discussion paper on examining the role of audit committees throughout the European Union.

The paper, Functioning of Audit Committees, contains measures that aim to enhance the role of the audit committee’s in accordance to the European Commission’s guidance on corporate governance.

The FEE said that audit committees are a relatively new thing in some EU countries and therefore the functioning of audit committees in general can be improved.

“Improvements relate in particular to clarification of the competences and the responsibilities of the audit committee and to the reporting to and from the audit committee,” the FEE said.

“These improvements would be beneficial to companies, having in mind that the main purpose of audit committees is to ensure the quality of financial reporting, overall internal control and risk management.”

Deadline for comment on the discussion paper is 28 September.

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