Compliance, Risk Management and Internal Controls

Article by Robert E. Bostrom of Winston & Strawn discusses the evolving roles and responsibilities of boards of directors and audit committees

Boards of directors, audit committees and management must be aware of the impact of the proposed new US Department of Justice sentencing guidelines, Sarbanes-Oxley Act (Section 404), New York Stock Exchange (NYSE) and Nasdaq listing standards, Proposed Draft COSO Framework for Enterprise-wide Risk Management and PCAOB Audit Standard 2 regarding outside auditor review of internal controls on the evolving roles and responsibilities of boards of directors and, in particular, audit committees regarding compliance, risk management and internal controls.

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