Audit Committee Essentials
In response to the Sarbanes-Oxley Act, increased oversight burdens have been placed on boards of directors. Even the boards or trustees of many privately held and not-for-profit corporations have adopted a number of these practices as a measure of best corporate practice. The need has never been greater for audit committees to assume primary responsibility for some of the most important duties of the boards of directors and to report regularly to the full board. Providing indispensable and authoritative guidance, Audit Committee Essentials covers the roles and responsibilities of the audit committee and explains why risk management and internal control are so critical and how the audit committee can work to make them even more effective.
Avoiding complex jargon and legalese, this concise yet comprehensive volume emphasizes the oversight of the financial reporting process and related controls as well as the oversight of ethics and the independent and internal audits. Here, board members, audit committee members, and managers will find sound information about legally mandated matters affecting audit committees, as well as best practices advanced by thought leaders in the field of governance, with a focus on the requirements and responsibilities within the U.S.
Ideal for both profit and not-for-profit corporations, Audit Committee Essentials explains the essentials of the current status of audit committee formation requirements, operating guidelines, and specific respons-ibilities, including:
The historical development of audit committees, from their earliest origins in the 1940s to the present
Pertinent information from such highly respected legal sources as the Model Business Corporation Act, the Principles of Corporate Governance, and the 2007 edition of the Corporate Director's Guidebook
The personal characteristics of an effective board and audit committee member
The specific duties of audit committees that are prescribed by law, regulation, or rule
An overview of the audit committee duties that have emerged as best practices by means of reviews and analyses of corporate governance leaders and subject matter experts
Legally required characteristics audit committees and their members should possess
The critical importance to strong corporate governance of an ethical culture
Brimming with decision tables, checklists, and other valuable practice aids, Audit Committee Essentials provides a comprehen-sive overview of audit committee essentials in a concise and readable format.
258 pages; ISBN 9780470337073
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Title: Audit Committee Essentials
Author: Curtis C. Verschoor