Audit Committee Essentials (Google eBook)

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John Wiley & Sons, Sep 15, 2008 - Business & Economics - 368 pages
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Praise for Audit Committee Essentials

"Audit Committee Essentials is an excellent and comprehensive resource, documented with key references and illustrated with real-life company examples for all types of commercial and nonprofit enterprises. Dr. Verschoor brings into focus the intertwined impact of risk management, internal controls, and ethics on oversight responsibilities for both the audit committee and the entire board of directors. From my personal perspective as an audit committee member and as a director of both profit and nonprofit entities, this book should be required reading for corporate management, boards of directors, and their committees."
--George K. Gill, Chairman and CEO of PetAg, Inc.; Director and member of the Investment and Audit Committees of the United Methodist Foundation of Northern Illinois

"Maintaining the highest ethical standards is critical to the success of not-for-profits in today's world. Dr. Verschoor's book provides a practical, highly prescriptive approach to ensuring that governance processes meet the highest expectations of managers, employees, volunteers, contributors, and other stakeholders. I am very impressed with the readability of the book. It definitely raises one's awareness of the need for a thought-out plan that ensures strong financial and ethical credibility."
--John S. Maxson, President and CEO Greater North Michigan Avenue Association, Chicago, Illinois

A concise and readable account of the audit committee's roles and responsibilities

The Sarbanes-Oxley Act has changed the way all corporations now operate, regardless of size. In Audit Committee Essentials, goverance expert Curtis Verschoor explains with great detail and razor-sharp precision why internal control is so critical, emphasizing financial literacy, a requirement under Sarbanes-Oxley, as well as oversight of the financial reporting process and related controls, ethics and the internal and independent audits.

Written for seasoned professionals as well as newly assigned board members, Audit Committee Essentials is a vital tool in order to stay abreast of the rapidly changing governance requirements and responsibilities of audit committees.

  

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Contents

Chapter 1 Evolution of Audit Committees
1
Chapter 2 Full Board Responsibilities and Effective Board Processes
13
Chapter 3 Personal Characteristics of Effective Boards and Members
33
Chapter 4 Duties of Audit Committees Prescribed by Law Regulation or Rule
40
Appendix 4A FEI Corporate Governance Checklist
60
Chapter 5 Overview of Additional Duties of Audit Committees Considered to Be Best Practices
62
Chapter 6 Necessary Characteristics of Audit Committees and Their Members
75
Appendix 6A Audit Committee Performance Evaluation Questionnaire
83
Chapter 11 The Audit Committee and Internal Control
137
Appendix 11A Internal ControlA Tool for the Audit Committee
147
Chapter 12 The Audit Committee and EthicsRelated Initiatives
153
Appendix 12ASeven Minimum Components of an Effective Compliance and Ethics Program Under US Sentencing Guidelines
163
Appendix 12B UPS Code of Business Conduct
165
Appendix 12C Google Inc Code of Conduct
185
Chapter 13 The Audit Committee and Information Technology
200
Appendix 13A IT Governance Controls Checklist
209

Chapter 7 The Audit Committee and Its Charter
89
Appendix 7A Sample or Model Audit Committee Charter Statutory and Regulatory Perspective
92
Appendix 7B Sample Audit Committee Charter from the Institute of Internal Auditors Research Foundation
98
Appendix 7C Excerpts from Selected Audit Committee Charters
102
Chapter 8 Audit Committee Oversight of Financial Statements and Financial Disclosures
108
Chapter 9 The Audit Committee and Internal Auditing
117
Chapter 10 The Audit Committee and Risk Management
126
Chapter 14 Audit Committee Issues in NotforProfit Entities
213
Appendix 14A Board SelfEvaluation Scorecard
219
Appendix 14B Checklist for Directors of Nonprofits
221
Chapter 15 Audit Committee Resources
223
Glossary
228
Index
234
Copyright

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About the author (2008)

Curtis C. Verschoor, CPA, author of eleven accounting books on audit committees and auditing, is the Chairman and CEO of C.C. Verschoor and Associates, Inc. He is an audit committee chair, researcher, consultant, and expert witness on assignments concerning corporate governance, corporate audit management, business, and professional ethics. He is a research professor of accounting at DePaul University and has been a CFO and a controller at several large corporations, including Baxter and Colgate-Palmolive. He has also published numerous journal articles on these subjects.

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