On the basis of a survey of U.S. public company audit committee members, we provide detailed insights into the process underlying audit committee oversight of internal control over financial reporting (ICFR), and we explore cross‐sectional variations in audit committee ICFR oversight. We find that audit committees spend the most time in the monitoring activities and control environment areas and the least time in the information and communication and control activities (related to revenue) areas. Further, our exploratory regression analysis reveals that audit committee member age and internal audit experience, company size and regulated industry are positively associated with the extent of overall audit committee ICFR oversight, whereas audit committee member certified public accountant (CPA) certification is negatively related to ICFR oversight. Finally, we provide many specific examples of ICFR oversight process elements that appear to be more substantive, extensive and proactive versus more ceremonial, limited and reactive.

中文翻译：

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美国审计委员会如何监督财务报告的内部控制

在对美国上市公司审计委员会成员进行调查的基础上，我们提供了有关流程的详细见解审计委员会对财务报告内部控制（ICFR）的基本监督，我们探讨了审计委员会ICFR监督的横截面差异。我们发现，审计委员会在监视活动和控制环境领域花费的时间最多，而在信息，通讯和控制活动（与收入有关）区域的时间最少。此外，我们的探索性回归分析显示，审计委员会成员的年龄和内部审计经验，公司规模以及受监管的行业与总体审计委员会ICFR监督的程度呈正相关，而审计委员会成员的注册会计师（CPA）认证与ICFR监督。最后，我们提供了许多具体的ICFR监督流程要素示例，这些要素似乎更具实质性，