Financial experts are being asked to join internal audit committees to stop any repeat of the Parmalat debacle occurring in the UK, say the interim management specialists Executives Online. A recent corporate governance code published by the Financial Reporting Council (FRC) stipulates that one member of the audit committee must have recent and relevant financial experience.
The FRC’s code also says audit committee members must be independent non-executive directors; the chairman of the audited company is ineligible for membership.
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