In this post-Enron era, the rules for corporate governance, especially for audit committees of public company boards of directors, are rapidly and radically changing. The most sweeping legislation in corporate governance in several decades, the Sarbanes-Oxley Act of 2002 (the "Act"), was signed into law on July 30, 2002. It creates, among other things, a new framework of responsibilities for audit committees and other members of boards of directors of public companies (referred to herein as "issuers"). The New York Stock Exchange ("NYSE"), NASDAQ and the American Stock Exchange ("AMEX") have each proposed new corporate governance rules, including rules related to audit committees for issuers subject to their jurisdiction. Several of these proposals have been submitted to the Securities and Exchange Commission (the "SEC") for approval. The NYSE, NASDAQ and AMEX rule proposals go above and beyond the requirements of the Act. This bulletin discusses the new requirements for audit committees and their members under the Act.