The Audit Committee Handbook: (IIA (Institute of Internal Auditors) Series)

Written to help audit committees plan their agendas and achieve their mission in corporate governance, The Audit Committee Handbook helps professionals: 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 latest techniques and strategies for committee meetings Develop a repertoire of effective strategies to help the board of directors discharge its fiduciary responsibility to the stockholders Prepare a periodic assessment of professional development activities and an informed review of both audit processes and financial reporting processes Understand the legal aspects of the audit committee and role of legal counsel, as well as fraudulent financial reporting Order your copy today!

Table of Contents:
Preface. Acknowledgments. PART ONE: GETTING ACQUAINTED WITH YOUR RESPONSIBILITIES. 1. Corporate Accountability: The New Environment. The Nature and Importance of Corporate Accountability. Recent Developments in Corporate Accountability. Corporate Accountability and the Audit Committee. Sources and Suggested Readings. 2. Audit Committees: Basic Roles and Responsibilities. Organization of the Audit Committee. The Audit Committee Functions. The External and Internal Auditing Process. Sources and Suggested Readings. 3. The External Users of Accounting Information. Introduction. The Investors. Credit Grantors. Regulatory Agencies. Other Outside Constituencies. Important Developments in Business Reporting and Assurance Services. Sources and Suggested Readings. 4. The Legal Position of the Audit Committee. General Legal Responsibilities. Legal Cases Involving the Audit Committee. Guidelines for Minimizing Legal Liability. Sources and Suggested Readings. 5. Rules of the Road—Auditing and Related Accounting Standards. An Overview of 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. PART TWO: THE PLANNING FUNCTION OF THE AUDIT COMMITTEE. 6. An Overview of Audit Planning. Meaning of Audit Planning. Analysis of Audit Planning and the Committee. Benefits of Audit Planning. Components of the Corporate Audit Plan. Sources and Suggested Readings. 7. Audit Committees’ Role in Planning the Audit. The Committee’s Planning Function. Developing an Integrated Planning Approach. Recommending the Appointment of the Independent Auditors. Sources and Suggested Readings. PART THREE: THE MONITORING AND REVIEWING FUNCTIONS OF THE AUDIT COMMITTEE. 8. Monitoring the System of Internal Control. Meaning of Internal Control. Responsibility for the System of Internal Control. The Role of the Audit Committee. Sources and Suggested Readings. 9. Monitoring the Internal Audit Function. Purpose and Need for Monitoring the Internal Audit Function. Reviewing the Organization of the Corporate Audit Staff. Appraising the Quality of the Auditing Staff. Sources and Suggested Readings. 10. Reviewing Accounting Policy Disclosures. Audit Committee’s Review Objective. Accounting Policy Disclosures. Guidelines for Reviewing Accounting Policy Disclosures. Sources and Suggested Readings. 11. A Perspective on Fraud and the Auditor. Meaning of Fraud in a Financial Statement Audit. The External Auditor’s Responsibility. Investigating Known Fraud. The Audit Committee’s Oversight Approach to Fraud Risk Assessment. Sources and Suggested Readings. 12. Reviewing Certain General Business Practices. Questionable Foreign Payments. Corporate Perquisites. Corporate Contributions. Sources and Suggested Readings. PART FOUR: THE REPORTING FUNCTION AND THE AUDIT COMMITTEE. 13. Independent Auditors’ Reports. The Auditors’ Reports on Audited Financial Statements. Other Auditing Opinions. Other Reports of the Auditors. Sources and Suggested Readings. 14. The Audit Committee’s Report and Concluding Observations. Purpose of the Audit Committee’s Report. Guidelines for Preparing the Report. Concluding Observations. Sources and Suggested Readings. APPENDIXES. A. Accounting, Auditing, and Attestation Standards Topical Index of References to Accounting Principles Board, Financial Accounting Standards Board, Statement on Auditing Standards, Statement on Standards for Attestation Engagements, and Accounting Standards Executive Committee Pronouncements as of June 30, 2003. B. Professional Accounting Associations, Business Organizations, Boards, Commissions, and Directors Publications. Appendixes C–J are available on The Audit Committee Handbook website at www.wiley.com/go/auditcommittee. INDEX.

About the Author :
LOUIS BRAIOTTA Jr., CPA, is a professor of accounting in the School of Management at SUNY Binghamton. During his career, he has worked at Ernst & Ernst (now Ernst & Young). He is the 2002-2003 recipient of the New York State Society of CPAs' Dr. Emanuel Saxe Outstanding CPA in Education Award and is the author of the first three editions of The Audit Committee Handbook. LOUIS BRAIOTTA Jr., CPA, is a professor of accounting in the School of Management at SUNY Binghamton. During his career, he has worked at Ernst & Ernst (now Ernst & Young). He is the 2002-2003 recipient of the New York State Society of CPAs' Dr. Emanuel Saxe Outstanding CPA in Education Award and is the author of the first three editions of The Audit Committee Handbook.