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Moran, S: Board of Directors and Audit Committee Guide to Fi

Ten Critical Steps to Protecting Yourself and Your Organization

You took the highly coveted position on the board or audit committee--now it’s time to figure out what you’re doing. And with SEC scrutiny at an all-time high, there is little room for growing pains. Boards and audit committees can now be held liable for acts of fraud and other corporate malfeasance even if they had no knowledge of wrongdoing in the organization.But relax! This comprehensive and practical guide greatly simplifies complex corporate governance standards, while mitigating the risks involved in the arduous work and increasing dramatically the positive effect over the enterprise that motivated you to take the position you did. Inside these essential pages, discover 10 crucial steps every governing body should take, including:• Cultivate independence • Build a balanced team • Address stakeholder concerns • Approach risk proactively • Spearhead fraud deterrence initiatives • And moreYou should be commended for taking on the duties you have, not intimidated. With this invaluable resource by your side, you can learn how best to satisfy the requirements of board service while also protecting yourself, the other board members, and the organization you have committed to lead to success.
Portrait
Sheila Moran CPA, CFE is CFO at Professional Power Products and serves on the faculty of the Association of Certified Fraud Examiners.

Ronald Kral CPA, CMA, CGMA is managing partner at public accounting firm, Candela Solutions LLC.

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  • Contents



    Introduction  1


    CHAPTER ONE:Nominate Independent Directors  6


    Nominating Committee Perspective  6


    Candidate Perspective  15



    CHAPTER TWO:Establish a Culture of Action  18


    Expectations of Audit Committees  18


    Essential Audit Committee Proficiencies  22



    CHAPTER THREE:Evaluate the Audit Committee  28


    Why Should Evaluations Be Considered?  28


    Who Is Best Positioned to Conduct the


    Evaluation?  30


    When Should Evaluations Be Performed?  31


    What Should Be Evaluated?  32


    How Should the Evaluation Be


    Performed?  34



    CHAPTER FOUR:Direct the External Audit  36


    The External Audit Process  37


    Potential Roles of the Auditor  45


    Hiring, Evaluating, and Replacing the


    External Auditor  47



    CHAPTER FIVE:Scrutinize the Financial Statements  53


    Types of Financial Misstatements  53


    Governance Protocols  61



    CHAPTER SIX:Leverage Internal Audit and Outside Resources  87


    The Internal Audit Mandate  87


    Internal Audit Oversight  89


    Internal Audit Administration  97


    Signs of an Ineffective Internal Audit


    Function  100



    CHAPTER SEVEN:Satisfy Regulators and Other Stakeholders  104


    Regulators  105


    Other Stakeholders  121



    CHAPTER EIGHT:Address Risk Proactively  124


    Risk-Management Frameworks  125


    Risk Identification  126


    Risk-Ranking Tools  128


    Risk Response  132


    Reporting Risk  137


    Risk-Assessment Follow-Up  142



    CHAPTER NINE:Spearhead Fraud-Deterrence


    Initiatives  148


    Types of Fraud  149


    Fraud-Deterrence Tools  163



    CHAPTER TEN:Expect the Unexpected  186


    The Need for Crisis-Management and


    Crisis-Media Plans  186


    Board-Level Fraud Response  191


    The Need for CFO and CAE Succession


    Plans  201



    Conclusion  205


    Forty Key Action Items  205



    Notes  213


    Index  223


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Beschreibung

Produktdetails

Einband gebundene Ausgabe
Seitenzahl 240
Erscheinungsdatum 16.09.2013
Sprache Englisch
ISBN 978-0-8144-3166-5
Verlag Harper Collins (US)
Maße (L/B/H) 23.6/15.9/2.5 cm
Gewicht 498 g
Buch (gebundene Ausgabe, Englisch)
Buch (gebundene Ausgabe, Englisch)
Fr. 33.90
Fr. 33.90
inkl. gesetzl. MwSt.
inkl. gesetzl. MwSt.
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