Audit Committee Essentials

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.

Autorentext
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.

Zusammenfassung
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.

Inhalt
About the Author. About the Institute of Internal Auditors. Preface. 1. Evolution of Audit Committees. Early Events. SEC Regulatory, Legal, and Private Sector Initiatives. Regulation Arising from Banking Scandals. Stock Exchange Initiatives. Sarbanes-Oxley Act of 2002. Directors' Liability. Private Company and Not-for-Profit Governance Initiatives. Future Outlook. Key Points in Chapter 1. 2. Full Board Responsibilities and Effective Board Processes. Introduction. Responsibilities of the Board of Directors. General Responsibilities of Directors. Importance of Being Fully Informed. Specific Responsibilities of Directors. Best Practices Boards Should Embrace. Overview of Current Legally Required Board Member Duties. Duties of Care and Loyalty. Additional Duties. Directors' Rights. Areas of Special Concern for the Board as a Whole. Recommended Elements of Board Practices and Processes. Assessing the Effectiveness of the Board as a Whole. Liability and Indemnification. Key Points in Chapter 2. 3. Personal Characteristics of Effective Boards and Members. Introduction. Role and Authority of Independent Directors. Characteristics of an Effective Board Member. Core Competencies of an Effective Board. Summary of the Director's Role. Key Points in Chapter 3. 4. Duties of Audit Committees Prescribed by Law, Regulation, or Rule. Introduction. Historical Development of Mandated Audit Committee Duties. Source of Current Legally Required Duties of Audit Committees. Report and Recommendations of the 1999 Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees. Summary of Recommendations. Overview of Currently Prescribed Duties and Responsibilities. Formal Written Charter. Principal Relationship with External Audit Firm. Receipt of Confidential and Other Information. Oversight of Financial and Other Disclosures. Oversight of Internal Controls. Oversight of Required Annual Assessment of Internal Control over Financial Reporting. Oversight of Risk Management and Compliance Processes. Additional Duties for Public Company Audit Committees. Duty to Maintain Competence. Legislative/Regulatory Sources of Selected Audit Committee Responsibilities. Audit Committee Responsibilities Included in Sarbanes-Oxley Sections 301. Selected Responsibilities Set Forth by the New York Stock Exchange. Selected Responsibilities Set Forth by Nasdaq. Key Points in Chapter 4. Appendix 4A FEI Corporate Governance Checklist. 5. Overview of Additional Duties of Audit Committees Considered to Be Best Practices. Recommendations of the Business Roundtable. Recommendations of the Conference Board. Guiding Principles of the Blue Ribbon Committee. Eight Habits of Highly Effecti…