The third edition of PricewaterhouseCoopers' study, "Audit Committee Effectiveness: What Works Best," warns that given their increased workload, audit committees need to resist the temptation to try and do everything themselves.

"Audit committees are looking for guidance regarding their new and manifold responsibilities," said PricewaterhouseCoopers partner and chief author of the study, Catherine Bromilow, in a statement. "They have a lot on their plates and so they need help to ensure they see the forest, not just the trees. This study is meant to help them affect what experienced directors describe as their role -- 'noses in, fingers out.'"

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