Audit committees wrestle with new powers

Just how activist should an audit committee be? That's a big question at many companies, even five years after Sarbanes Oxley was passed. At some firms, according to cfo.com, management still seems a bit wary of ceding too much to the committee, especially when it comes to hiring and firing audit firms. Some executives are used to managing the audit firm, and don't want any interference. But these attitudes seem to have given way to a new audit committee mentality that takes the bull by the horns and really owns the audit process. Of course, a committee could go too far. There will need to be some balance among the board, the CFO and the audit firm. It would be worth spending some time looking at this three-way relationship and make sure all parties have similar expectations and goals.  

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