Word: auditioned
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Dates: during 2000-2009
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...include demands and risks that many candidates among the ranks of traditional recruits--current and retired top executives, say--aren't willing to accept. Congress, the New York Stock Exchange and NASDAQ all answered calls for reform last year with their respective rule changes. The most substantial changes involve audit committees and outside directors (those without significant financial or family relationships to a company). To help avoid an Enron-like scenario, in which an audit committee doesn't adequately vet auditors' reports, the chairman of that committee must be a financial expert: either a CFO of a public company...
...most welcome new directors are wary of the liabilities they may face under corporate-governance reforms. "The real problem with the old system is that it was relatively easy to pass the buck," says Krishna Palepu, a professor at Harvard Business School who has studied the functioning of audit committees. "Now that's much more difficult." Hall says he would decline to serve as any board's financial expert (a new rule requires audit committees to disclose whether they have one), despite his years in investment banking and corporate finance. "That's an invitation to a lawsuit," he says...
...style scandals. But under intense lobbying pressure from Wall Street as well as the accounting and legal professions, the commission has watered down or delayed some of these rules. For example, the SEC voted to allow accounting firms to continue to earn fat consulting fees from the companies they audit. And lawyers will be required to report any wrongdoing they witness to senior company executives but not to the SEC--as the SEC had initially proposed...
...landmark summit between Kim Jong Il and South Korean President Kim Dae Jung may have been bought and paid for by Seoul. President Kim's crowning achievement?his 2000 Nobel Peace Prize?may thus be tainted by charges of checkbook diplomacy. After a three-month investigation, the Board of Audit and Inspection of Korea declared that, just a week before the summit, $332 million was transferred from the state-run Korea Development Bank into Hyundai Merchant Marine, a subsidiary of the Hyundai conglomerate, which has connections to the North. The business kept $146 million for itself, while $186 million...
...ensure that its funds are used for their intended purposes. These conditions are ripe for potentially fraudulent applications or funding for non-existent events, and this appearance of loose financial controls should be ended immediately. Proposals that have surfaced to ask groups for their receipts, or to convene an audit committee are promising, but this reform calls for more swift and decisive action from council leaders...