Audit Committee Leadership Summit

On February 21, 2007, the first-ever Audit Committee Leadership Summit brought together the European and North American Audit Committee Leadership Networks (ACLNs) to begin to find common ground on how audit committees can enhance trust in the world’s public capital markets and improve their own performance.

In conversation with guests from the U.S. Securities and Exchange Commission, the Public Company Accounting Oversight Board, and the New York Stock Exchange Group, members discussed the competitiveness of capital markets, the future of financial reporting, and the global role of the PCAOB. The day concluded with members reflecting on lessons learned from the accounting scandals of the early 2000s.

Enhancing trust and competition in global public capital markets (PDF) - April 2007
Members of the European and North American ACLNs agree that a rationalized regulatory and litigation environment, simplified accounting standards, a strong accounting profession, and improved executive compensation oversight will enhance trust in public capital markets.

Four lessons for audit committees from high-profile accounting scandals (PDF) - April 2007
Members identified four changes audit committees can make to improve their performance: attain more financial expertise; gain broader perspectives on company performance from outside sources; enhance the objectivity of the internal audit function; and be more attentive to all aspects of the external audit process.

Guests who participated in separate discussions at the summit included:

Mr. Conrad Hewitt, Chief Accountant, and Ms. Julie Erhardt, Deputy Chief Accountant, U.S. Securities and Exchange Commission

Mr. Mark Olson, Chairman, Public Company Accounting Oversight Board

Mr. John Thain, Chairman and Chief Executive Officer, New York Stock Exchange Group

Network members participating in the meeting included:

Mr. Tom de Swaan, Audit Committee Chair, Royal Ahold and GlaxoSmithKline

Mr. Per-Olof Eriksson, Audit Committee Chair, Volvo

Mr. Gene Fife, Audit Committee Chair, Caterpillar

Sir Anthony Greener, former Audit Committee Chair, BT

Mrs. Judith Richards Hope, Audit Committee Chair, Union Pacific

Ms. Marie Knowles, Audit Committee Chair, McKesson

Mr. Daniel Lebègue, Audit Committee Member, Alcatel-Lucent

Mr. Anders Nyrén, Audit Committee Chair, Skanska and Sandvik

Mr. Oscar Munoz, Audit Committee Chair, Continental Airlines

Mr. Chuck Noski, Audit Committee Chair, Microsoft and Morgan Stanley

Sir Ian Prosser, Audit Committee Chair, BP

Dr. Klaus Schlede, Audit Committee Chair, Lufthansa and Deutsche Telekom

Mr. Gerhard Schulmeyer, Audit Committee Chair, Zurich Financial Services

Mr. Sandy Warner, Audit Committee Chair, General Electric Company