Audit Committees : A Guide for Directors, Management, and Consultants

by Burke, Frank M.; Guy, Dan M.; Tatum, Kay W.

• ISBN13: 9780735522602
• ISBN10: 073552260X
• Format: Paperback
• Copyright: 2001-03-01
• Publisher: Wolters Kluwer

Summary

Presented in a non-technical, active voice, easy-to-read format, especially for: Directors serving on audit committees; other members of the board of directors; CEOs, CFOs, and in-house legal counsels; internal and external auditors; outside legal counsels; other consultants to audit committees. Coauthored by professionals with hands on experience. One of the authors has organized, chaired, and participated in a number of audit committees, while the other has been involved in debates and preparation of the pronouncements relating to internal control, fraud, illegal acts, materiality, and required comunications to audit committees. Audit Committees: A Guide for directors, Management and Consultants covers subjects rarely discussed such as the process for terminating an external auditor and emphasizes the importance of regular evaluations of audit committee performance to help make the audit committee more effective and efficient. Includes the latest requirements of the American Institute of CPAs, New York Stock Exchange, And The Securities and Exchange Commission.

Table of Contents

List of Exhibits	xvii
List of Appendices	xix
How to Use This Book	xxi
About the Authors	xxiii
Acknowledgments	xxv
Preface	xxvii
Foreword from the Honorable Barbara Hackman Franklin	xxix
The Need for an Audit Committee	1	(8)
Early History of the Audit Committee Concept - 1939 to 1987	9	(10)
The 1987 Treadway Commission Report - A Defining Event	19	(8)
Additional Developments from Treadway to 2001	27	(20)
The 1999 Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees - Another Major Milestone	47	(18)
Creating an Audit Committee	65	(6)
Appointing and Educating the Audit Committee	71	(10)
The Responsibilities of an Audit Committee	81	(18)
The Audit Committee's Oversight of Internal Control	99	(16)
The Potential Impact of the Caremark Decision on Audit Committees	115	(10)
Relationship with the Internal Auditor	125	(18)
Relationship with the External Auditor	143	(32)
Audit Committee Meetings	175	(6)
Termination of the External Auditor	181	(8)
Evaluating the Audit Committee	189	(4)
Audit Committees for Not-For-Profit and Public Sector Entities	193	(6)
Legal Liability of the Audit Committee and Its Members	199	(12)
Audit Committees and Expanded Responsibilities	211	(8)
Appendices	219	(64)
Where to Find More Information	283	(3)
Glossary	286	(15)
List of Acronyms	301	(2)
Index	303