10 point plan to improve oversight of financial reporting process. By: Anonymous 10 point plan to improve oversight of financial reporting process The New York Stock Exchange and The Blue Ribbon Committee saw a need for improvement in corporate auditing. They released a report of IO far-reaching recommendations intended to improve the quality of corporate financial reporting, Point # 1. Revise the definition of independent director. They say the definition should read as follows * Members of the audit committee …showed first 75 words of 466 total…

…showed last 75 words of 466 total…to the financial statement) Point # 9 Require audit committee send an annual letter to stockholders. They should form a I O-K annual report disclosing whether, management has reviewed the audited financial statements with the audit committee and outside auditor. Point # 10 Mandate interim review of quarterly financial reporting, (SEC) Should require outside auditors to file a (SAS) review prior to the company's filing of its 10 Q so they will know what to expect. Word Count: 474 ------------------------------------------------------------------------ **Bibliography**