Audit Committees are facing increased demands from many quarters heading into 2015, which expand their responsibilities, expose them to greater regulatory scrutiny and potential liabilities, and provide the basis for proxy and shareholder activists to oppose the re-election of Audit Committee members to the board of directors of the company. Additionally, regulatory focus on Audit Committees is likely to increase in 2015, as the US Securities and Exchange Commission is expected to issue a Concept Release in early 2015 that will propose changes in Audit Committee disclosures in public company proxy statements. This Legal Update focuses on Tax, Whistleblower and Revenue Recognition issues that should be considered by Audit Committees of public companies in 2015.

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