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Meaning / Definition of

Office Of Compliance Inspections And Examinations (OCIE)

Categories: Estate Planning, Brokerages,

The Office of Compliance Inspections and Examinations ("OCIE") protects investors through administering the SEC's nationwide examination and inspection program. Examiners in Washington DC and in the Commission's 11 regional offices conduct examinations of the nation's registered entities, including broker-dealers, transfer agents, investment advisers, investment companies, the national securities exchanges, clearing agencies, the nationally recognized statistical rating organizations ("NRSRO"s), SROs such as the financial industry regulatory authority ("FINRA") and the municipal securities rulemaking board, and the public company accounting oversight board ("PCAOB"). OCIE's mission is to protect investors, ensure market integrity and support responsible capital formation through risk-focused strategies that: (1) improve compliance; (2) prevent fraud; (3) monitor risk; and (4) inform policy. The examination program plays a critical role in encouraging compliance within the securities industry, which in turn also helps to protect investors and the securities market(s) generally.

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Definition / Meaning of

Audit Committee

Categories: Accounting, Tax, Business and Management,

The corporate audit committee is the liaison between the company's management, the board of directors, internal and external auditors, and any other accounting experts advising the company on audit issues.In particular, the audit committee is responsible for hiring and managing external auditors. Since 2002, when Congress passed the Sarbanes-Oxley Act, implementing stringent financial oversight regulations, the role of the audit committee has become increasingly important.An audit committee is composed of a sub-group from the corporation's board of directors. Members of the audit committee must be independent, which means they have no ties to the company's management team. In general they cannot receive any compensation, such as consulting or advisory fees, except for a board of director's fee. They may not be able to own shares in the company, or be affiliated in any other way with the company. Nor can they be affiliated with or have an interest in the external auditing company.

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