The Audit Committee Handbook

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John Wiley & Sons, Feb 22, 2010 - Business & Economics - 416 pages
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The Audit Committee Handbook, Fifth Edition

The Audit Committee Handbook, Fifth Edition guides you to:

  • Understand the role and responsibilities of the audit committee with a general update and reality check on auditing cycle activities
  • Identify the developments that impact audit committee practices and the most current techniques and strategies for committee meetings
  • Develop a repertoire of effective strategies to help the board of directors discharge its fiduciary responsibility to shareholders
  • Prepare a periodic assessment of professional development activities and an informed review of both audit processes and financial reporting processes

A must-have for all audit committee members, board directors, corporate secretaries, CEOs, CFOs, and auditors involved in the accounting practices of their firms, The Audit Committee Handbook, Fifth Edition is the most authoritative work on audit committees in the marketplace.

 

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Contents

INTERNAL CONTROL OVERSIGHT
AUDITOR OVERSIGHT
AUDIT COMMITTEE RESOURCES
TRANSACTIONAL ECONOMICS
DEVELOPMENTS IN CORPORATE ACCOUNTABILITY
CORPORATE ACCOUNTABILITY AND THE AUDIT COMMITTEE
CONCLUSION
ORGANIZATION OF THE AUDIT COMMITTEE
MONITORING THE INTERNAL AUDIT FUNCTION
SELECTING AND EVALUATING AN EXTERNAL AUDITOR
REPORTING BY THE EXTERNAL AUDITOR
SOURCES AND SUGGESTED READINGS
AUDIT COMMITTEES REVIEW OBJECTIVE
ACCOUNTING POLICY DISCLOSURES
GUIDELINES FOR REVIEWING ACCOUNTING POLICY DISCLOSURES
SOURCES AND SUGGESTED READINGS

THE AUDIT COMMITTEE FUNCTIONS
THE EXTERNAL AND INTERNAL AUDITING PROCESS
SOURCES AND SUGGESTED READINGS
INTRODUCTION
THE INVESTORS
CREDIT GRANTORS
REGULATORY AGENCIES
OTHER OUTSIDE CONSTITUENCIES
IMPORTANT DEVELOPMENTS IN BUSINESS REPORTING AND ASSURANCE SERVICES
BENCHMARKING
SOURCES AND SUGGESTED READINGS
GENERAL LEGAL RESPONSIBILITIES
OTHER FEDERAL PROVISIONS RELATED TO FRAUD
LESSONS FOR THE AUDIT COMMITTEE FROM LITIGATION
GUIDELINES FOR MINIMIZING LEGAL LIABILITY
SOURCES AND SUGGESTED READINGS
AN OVERVIEW OF US GENERALLY ACCEPTED AUDITING STANDARDS
AN ANALYSIS OF THE AUDITING STANDARDS
INTEGRATION OF AUDITING AND RELATED ACCOUNTING STANDARDS
ATTESTATION ENGAGEMENTS
INTERNATIONAL AUDITING STANDARDS
SOURCES AND SUGGESTED READINGS
FINANCIAL STATEMENT ASSERTIONS
THE RELATIONSHIP BETWEEN RISK AND THE EXTERNAL AUDIT
THE ENGAGEMENT TEAM
TYPES OF AUDIT TESTS
EVALUATING THE EXTERNAL AUDIT PLAN
SOURCES AND SUGGESTED READINGS
Appendix 6A
Appendix 6B
COMPONENTS OF THE INTERNAL AUDIT PLAN
ENTERPRISE RISK MANAGEMENT
OVERSIGHT AND REPORTING
SOURCES AND SUGGESTED READINGS
DEFINITION AND BASIC CONCEPTS
RESPONSIBILITY FOR THE SYSTEM OF INTERNAL CONTROL
REPORTING REQUIREMENTS
AUDIT COMMITTEE EXPECTATIONS
SOURCES AND SUGGESTED READINGS
SELECTING AND STAFFING AN INTERNAL AUDIT FUNCTION
MEANING OF FRAUD IN A FINANCIAL STATEMENT AUDIT
THE EXTERNAL AUDITORS RESPONSIBILITY
THE INTERNAL AUDITORS RESPONSIBILITY
INVESTIGATING KNOWN FRAUD321
THE AUDIT COMMITTEES OVERSIGHT APPROACH TO FRAUD RISK ASSESSMENT
SOURCES AND SUGGESTED READINGS
QUESTIONABLE FOREIGN PAYMENTS
CORPORATE PERQUISITES AND EXECUTIVE COMPENSATION
EXECUTIVE COMPENSATION
CORPORATE CONTRIBUTIONS
CONCLUSION
SOURCES AND SUGGESTED READINGS
THE AUDITORS REPORTS ON AUDITED FINANCIAL STATEMENTS
OTHER AUDITING OPINIONS
OTHER REPORTS OF THE AUDITORS
SOURCES AND SUGGESTED READINGS
PURPOSE OF THE AUDIT COMMITTEES REPORT
GUIDELINES FOR PREPARING THE REPORT
CONCLUDING OBSERVATIONS
SOURCES AND SUGGESTED READINGS
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About the author (2010)

R. TRENT GAZZAWAY is the national managing partner of audit services for Grant Thornton LLP.

ROBERT H. COLSON, PHD, CPA, is a partner in the public policy and external affairs group of Grant Thornton LLP. He is responsible for the firm's engagement with academic researchers and a wide range of policy leaders associated with capital markets, accounting, auditing, financial regulation, and corporate governance.

SRIDHAR RAMAMOORTI, PHD, CPA/CITP/CFF, is a Principal with Infogix Advisory Services, Infogix, Inc., a software controls company. Previously, he was a corporate governance partner with Grant Thornton LLP.

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