Survey Results: Audit Committees and Earnings Releases

We last conducted a survey on audit committees and earnings releases in June 2008 (here are those results). Practices appear to have changed since then; to determine the extent of change, we have repeated many of the that survey's questions below:

Does your Audit Committee review your company's earnings releases prior to their release to the media? (Total responses: n=52)
(select only one)
n=50 (96.15%) Yes
n=2 (3.85%) No

If the answer to #1 is "Yes," how many days prior to public issuance of the earnings release is a draft typically sent to the Audit Committee? (Total responses: n=50)
(select only one)
n=10 (20.00%) One day or less
n=11 (22.00%) Two days
n=18 (36.00%) Three days
n=11 (22.00%) Four days or more

Does the Audit Committee hold a meeting for the purpose of discussing each earnings release prior to their release to the media? (Total responses: n=53)
(select only one)
n=39 (73.58%) Yes, and mostly (or all) by telephone meetings
n=10 (18.87%) Yes, and mostly (or all) by face-to-face meetings
n=4 (7.55%) No

If the answer to #3 is "No," is the Audit Committee informed about issues that will be discussed in the related earnings release? (Total responses: n=10)
(select only one)
n=3 (30.00%) Yes, in writing
n=5 (50.00%) Yes, at a meeting
n=2 (20.00%) No

Does your Audit Committee hold a single meeting to review both the earnings release and draft Forms 10-Q and 10-K? (Total responses: n=53)
(select only one)
n=24 (45.28%) Yes
n=29 (54.72%) No

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