Hypotenuse Enterprises, Inc.

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"Audit Committees Bracing for shakeup"

by Paul Sweeney


Financial Executive
December 2002
p. 16-18

"Audit Committees Bracing for Shakeup"
by Paul Sweeney

 The author examines the impact of Sarbanes-Oxley legislation, the need for financial expertise in audit committees, and for independence.  One interviewee cited an estimate that “as many as 35% of the country’s board seats could be vacated” due to restricting the number of boards on which they serve, and due to elevated standards.

 Among those interviewed for the article is Diane C. Harris, president of Hypotenuse Enterprises, Inc., and an audit committee chair agrees that companies are very actively recruiting prospective members with financial experience.  She says “I’ve had a lot of calls from executive search firms lately,” and at least three have indicated interest in actively considering her candidacy.  “All of them specifically target the board of directors’ audit committee.  From the phone calls I’m getting, I can tell that these companies are all making major changes.”

 


 

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