Survey Results: Audit Committee Oversight and Subsidiaries
1. Who has the primary oversight responsibility (including
pre-approval) for any services that your parent company's
independent auditor provides its listed (e.g., with NYSE or
NASDAQ) subsidiaries? (Total responses: n=17)
(select only one) |
| n=16 (94.12%) |
Parent company audit committee |
| n=1 (5.88%) |
Subsidiary audit committee / Subsidiary Board of
Directors |
| n=0 (0.00%) |
Management |
| n=0 (0.00%) |
Other |
2. Who has the primary oversight responsibility (including
pre-approval) for any services that your parent company's independent
auditor provides its non-listed subsidiaries? (Total
responses: n=17)
(select only one) |
| n=15 (88.24%) |
Parent company audit committee |
| n=1 (5.88%) |
Subsidiary audit committee / Subsidiary Board of Directors
|
| n=1 (5.88%) |
Management |
| n=0 (0.00%) |
Other |
3. If your parent company audit committee has oversight
responsibility described in any of the above questions, what are the
criteria that trigger this oversight responsibility? (Total
responses: n=17)
(select only one) |
| n=4 (23.53%) |
At least 50% beneficially owned by parent company |
| n=5 (29.41%) |
Consolidated subsidiary |
| n=0 (0.00%) |
Listed subsidiary |
| n=0 (0.00%) |
Non-listed subsidiary |
| n=3 (17.65%) |
Audit committee charter requirement |
| n=2 (11.76%) |
Audit committee preference |
| n=0 (0.00%) |
Other |
| n=3 (17.65%) |
Combination of one or more of the above |
| n=0 (0.00%) |
No such criteria |
4. For any other registered accounting firm (excluding the
parent company's independent auditor) that provides services for your
parent company (but not its subsidiaries), who is responsible for
the oversight of any such firm as it relates to audit, review, or
attestation services? (Total responses: n=16)
(select only one) |
| n=10 (62.50%) |
Parent company audit committee |
| n=0 (0.00%) |
Subsidiary audit committee / Subsidiary Board of Directors
|
| n=5 (31.25%) |
Management |
| n=1 (6.25%) |
Other |
5. For any other registered accounting firm (excluding the
parent company's independent auditor) that provides services to the
parent's subsidiaries, who is responsible for the oversight of
any such firm as it relates to audit, review, or attestation services?
(Total responses: n=16)
(select only one) |
| n=4 (25.00%) |
Parent company audit committee |
| n=4 (25.00%) |
Subsidiary audit committee / Subsidiary Board of Directors
|
| n=7 (43.75%) |
Management |
| n=1 (6.25%) |
Other |
6. If your parent company audit committee has oversight
responsibility (including pre-approval), who typically receives any
required communications from its independent auditor related to the
subsidiaries? (Total responses: n=15)
(select only one) |
| n=7 (46.67%) |
Parent company audit committee |
| n=2 (13.33%) |
Subsidiary audit committee / Subsidiary Board of Directors
|
| n=6 (40.00%) |
Management |
| n=0 (0.00%) |
Other |
|
