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AICPA standard can help improve audit committee performance.

A Reinstein1, R W Luecke

  • 1School of Business Administration, Wayne State University, Detroit, Michigan, USA. a.reinstein@wayne.edu

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|August 14, 2001
PubMed
Summary

Statement on Auditing Standards (SAS) No. 90 enhances corporate audit committee effectiveness by requiring discussions on accounting principles. This standard has implications for healthcare organizations, defining key elements of an effective audit committee.

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Area of Science:

  • Auditing Standards
  • Corporate Governance
  • Healthcare Management

Background:

  • The Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 90 in response to a Securities and Exchange Commission (SEC) rule change.
  • SAS No. 90 focuses on improving the effectiveness of corporate audit committees, particularly regarding financial reporting quality.

Purpose of the Study:

  • To analyze the implications of SAS No. 90 for healthcare organizations.
  • To define the essential components of an effective audit committee in light of the new auditing standard.

Main Methods:

  • Review of SAS No. 90 and related SEC regulations.
  • Analysis of the applicability and impact of the standard on healthcare entities.

Main Results:

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  • SAS No. 90 mandates discussions between audit committees and external auditors on accounting principles' quality and acceptability.
  • Effective audit committees require independent, rotating directors, member training, a formal charter, and regular meetings (at least quarterly).
  • Audit committees are responsible for selecting and retaining CPA firms for annual audits.

Conclusions:

  • While SAS No. 90 targets publicly traded companies, its principles are crucial for establishing robust audit committee functions in healthcare.
  • Implementing the outlined components will enhance audit committee oversight and financial reporting integrity within healthcare organizations.