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Audit Committee Essentials

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Praise for Audit Committee Essentials'Audit Committee Essentials is an excellent and comprehensive resource, documented with ... Weiterlesen
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Beschreibung

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.

Klappentext
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 Effective Audit Committees.

Best Practices Related to Auditing and Internal Control.

Best Practices Related to Public Disclosure of Financial Information.

Audit Committee Oversight of Ethics and Compliance Programs.

Sarbanes-Oxley Requires Disclosure of Code of Ethics.

Stock Exchange Implementation of Code Requirement.

Requirements of the U.S. Sentencing Commission.

Guidance from the Open Compliance and Ethics Group.

Additional Audit Committee Best Practices.

Key Points in Chapter 5.

6. Necessary Characteristics of Audit Committees and Their Members.

Introduction.

Important Personal Attributes of Members.

Importance of Total Independence.

Portion of Section 301 of Sarbanes-Oxley Concerning Audit Committee Independence.

Nasdaq Rule on Independence.

Financial Knowledge Necessary.

Criteria for Assessing Audit Committee Effectiveness.

Key Points in Chapter 6.

Appendix 6A Audit Committee Performance Evaluation Questionnaire.

7. The Audit Committee and Its Charter.

Purpose and Contents of an Audit Committee Charter.

Key Points in Chapter 7.

Appendix 7A Sample or Model Audit Committee Charter (Statutory and Regulatory Perspective).

Appendix 7B Sample Audit Committee Charter from the Institute of Internal Auditors Research Foundation.

Appendix 7C Excerpts from Selected Actual Audit Committee Charters.

8. Audit Committee Oversight of Financial Statements and Financial Disclosures.

Audit Committee Duties to Oversee Financial Statement Preparation.

Audit Committee Duties Regarding Financial Disclosures.

Audit Committee Disclosure Duties Considered Best Practices.

External Auditor Requirements for Communication with the Audit Committee.

Summary of Audit Committee Responsibilities for Oversight of Financial Statements and Financial R...

Produktinformationen

Titel: Audit Committee Essentials
Autor:
EAN: 9780470337073
ISBN: 978-0-470-33707-3
Digitaler Kopierschutz: Adobe-DRM
Format: E-Book (pdf)
Herausgeber: Wiley
Genre: Betriebswirtschaft
Anzahl Seiten: 368
Veröffentlichung: 15.09.2008
Jahr: 2008
Untertitel: Englisch
Dateigrösse: 1.2 MB