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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