감사위원회 재무전문가의 효과와 기업지배구조 = The Effectiveness of Financial Experts in the Audit Committee and Corporate Governance

다국어 초록 (Multilingual Abstract)

As high-profile accounting scandals including Enron, WorldCom, and Waste Management surfaced in early 2000`s, credibility of financial reporting plunged and many voiced the necessity of restoring public confidence in financial reporting. In response to this call, in 2002 the US enacted the Sarbanes-Oxley Act (SOX) that is the most radical accounting reform act in the US history. Among others, SOX requires for public companies to disclose whether or not, and if not, the reasons therefor, their audit committee is comprised of at least one member who is a financial expert. In order to fulfill its mandate stipulated in SOX, the US SEC made rules that define a ``financial expert`` and require a company to disclose whether it has at least one audit committee financial expert, and if so, the name of the expert and whether the expert is independent of management.

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