Internal company oversight lacking

Congress wants board audit committee members to know what they're talking about. Most think they do. But when it comes to accounting and finance — they don't.

Why is Congress so interested in the competency of board audit committees? The answer is that an audit committee is privy to important information that is useful to insuring ethical firm behavior and performance.

Congress' theory is that if people with the right education, experience, and capability populate audit committees, accounting malfeasance such as occurred at Enron, Lucent, Adelphia, and Worldcom, can be prevented.

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