ACLN Insights 1 - Review of audit committee charters - 24 November 2003 - Final

AUDIT COMMITTEE LEADERSHIP NETWORK IN NORTH AMERICA InSights November 24, 2003 TAPESTRY NETWORKS, INC · WWW.TAPESTRYNETWORKS.COM · +1 781-290-2270Review of audit committee charters About this document The Audit Committee Leadership Network is a group of audit committee chairs drawn from North America’s leading companies committed to improving the performance of audit committees and enhancing trust in financial markets. The network is convened by Ernst & Young and orchestrated by Tapestry Networks to access emerging best practices and share insights into issues that dominate the new audit environment. InSights is produced by Tapestry Networks to provide concise assessments of key issues of concern to audit committees. The ultimate value of InSights lies in its power to help all constituencies develop their own informed points of view on these important issues. Initially, InSights will be distributed to network members who, in turn, will share it with colleagues on audit committees and boards, and their advisers. It will also be distributed by Ernst & Young to its partners. Anyone who receives InSights may share it with those in their own network. Why review audit committee charters? On September 24, 2003, the Audit Committee Leadership Network met in New York. Among the discussion topics, questions were raised about the direction, content, and increasing length of audit committee charters. The audit committee chairs who were present ...