The Audit Committee Handbook, 3rd Edition,9780471345763

The Audit Committee Handbook, 3rd Edition

by ; ;
Edition: 3rd
ISBN13: 9780471345763
ISBN10: 0471345768
Format: Paperback
Pub. Date: 1999-08-01
Publisher(s): Wiley
List Price: $78.75

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Summary

Audit committees are now mandatory in the U.S. for publicly-held companies, and are quickly becoming mandatory for publicly-held companies around the world. As the only comprehensive reference on audit committees in the marketplace, this book explains all functions and responsibilities of audit committees, and provides step-by-step coverage of all phases of the audit committee members2 tasks.

Author Biography

Louis Braiotta, Jr. is a professor of accounting in the School of Management at SUNY Binghamton.

Table of Contents

PART ONE GETTING ACQUAINTED WITH YOUR RESPONSIBILITIES 1(154)
1 Your Role in the Auditing Process
3(22)
Organization of the Audit Committee
3(9)
The Audit Committee Functions
12(5)
The External and Internal Auditing Process
17(6)
Sources and Suggested Readings
23(2)
2 Corporate Accountability: How to Keep It in Perspective
25(38)
The Nature and Importance of Corporate Accountability
25(5)
Important Developments in Corporate Accountability
30(11)
Corporate Accountability and the Audit Committee
41(5)
Recent Developments in Corporate Governance
46(4)
General Accounting Office
50(2)
AICPA SEC Practice Section
52(2)
Independence Standards Board
54(1)
National Association of Corporate Directors
55(3)
The Business Roundtable
58(2)
Sources and Suggested Readings
60(3)
3 The External Users of Accounting Information
63(39)
Introduction
63(2)
The Investors
65(11)
Credit Grantors
76(7)
Regulatory Agencies
83(7)
Other Outside Constituencies
90(3)
Recent Developments in Business Reporting and Assurance Services
93(6)
Sources and Suggested Readings
99(3)
4 The Legal Position of the Audit Committee
102(32)
General Legal Responsibilities
102(10)
Legal Cases Involving the Audit Committee
112(16)
Guidelines for Minimizing Legal Liability
128(4)
Sources and Suggested Readings
132(2)
5 Rules of the Road--Auditing and Related Accounting Standards
134(21)
An Overview of Generally Accepted Auditing Standards
134(2)
An Analysis of the Auditing Standards
136(2)
Integration of Auditing and Related Accounting Standards
138(7)
Attestation Engagements
145(6)
International Auditing Standards
151(1)
Sources and Suggested Readings
152(3)
PART TWO THE PLANNING FUNCTION OF THE AUDIT COMMITTEE 155(36)
6 An Overview of Audit Planning
157(21)
Meaning of Audit Planning
157(1)
Analysis of Audit Planning and the Committee
158(10)
Benefits of Audit Planning
168(1)
Components of the Corporate Audit Plan
169(7)
Sources and Suggested Readings
176(2)
7 Director's Role in Planning the Audit
178(13)
The Committee's Planning Function
178(1)
Developing an Integrated Planning Approach
179(8)
Recommending the Appointment of the Independent Auditors
187(2)
Sources and Suggested Readings
189(2)
PART THREE THE MONITORING AND REVIEWING FUNCTIONS OF THE AUDIT COMMITTEE 191(114)
8 Monitoring the System of Internal Control
193(18)
Meaning of Internal Control
193(7)
Responsibility for the System of Internal Control
200(6)
The Role of the Audit Directors
206(2)
Sources and Suggested Readings
208(3)
9 Monitoring the Internal Audit Function
211(21)
Need for Monitoring the Internal Audit Function
211(4)
Reviewing the Organization of the Corporate Audit Staff
215(8)
Appraising the Quality of the Auditing Staff
223(7)
Sources and Suggested Readings
230(2)
10 Reviewing Accounting Policy Disclosures
232(24)
Audit Committee's Review Objective
232(7)
Accounting Policy Disclosures
239(11)
Guidelines for Reviewing Accounting Policy Disclosures
250(4)
Sources and Suggested Readings
254(2)
11 A Perspective on Fraud and the Auditor
256(30)
Meaning of Fraud in a Financial Statement Audit
256(17)
The External Auditor's Responsibility
273(8)
Investigating Known Fraud
281(2)
Sources and Suggested Readings
283(3)
12 Reviewing Certain General Business Practices
286(19)
Questionable Foreign Payments
286(10)
Corporate Perquisites
296(3)
Corporate Contributions
299(3)
Sources and Suggested Readings
302(3)
PART FOUR THE REPORTING FUNCTION AND THE AUDIT COMMITTEE 305(36)
13 Independent Auditors' Reports
307(16)
The Auditors' Reports on Audited Financial Statements
307(4)
Other Auditing Opinions
311(5)
Other Reports of the Auditors
316(5)
Sources and Suggested Readings
321(2)
14 The Audit Directors' Report and Concluding Observations
323(18)
Purpose of the Audit Directors' Report
323(2)
Guidelines for Preparing the Report
325(5)
Concluding Observations
330(10)
Sources and Suggested Readings
340(1)
APPENDIXES 341(98)
A Glossary 341(8)
B Historical Perspective on Audit Committees 349(8)
C Section 182 of the Business Corporations Act--Ontario, Canada 357(1)
D Foreign Corrupt Practices Act Amendments 358(6)
E Federal Deposit Insurance Corporation Improvement Act 364(9)
F Excerpt from The Code of Best Practice 373(3)
G Model Business Corporation Act--Chapter 8: Directors and Officers 376(9)
H Committee of Sponsoring Organizations of the Treadway Commission, Internal Control-Integrated Framework--Volume 1, Executive Summary 385(8)
I Example of a Code of Business Conduct--Some Broad Guidelines 393(8)
J American Institute of Certified Public Accountants, Code of Professional Conduct as Amended October 28, 1997 401(16)
K The Institute of Internal Auditors, Inc., Summary of General and Specific Standards for the Professional Practice of Internal Auditing and Code of Ethics 417(5)
L Association of Certified Fraud Examiners, Professional Standards and Practices for Certified Fraud Examiners and Code of Ethics 422(4)
M Accounting, Auditing, and Attestation Standards Topical Index of References to Accounting Principles Board (APB), Financial Accounting Standards Board (FASB), Statement on Auditing Standards (SAS), Statement on Standards for Attestation Engagements (SSAE), and Accounting Standards Executive Committee (AcSEC) Pronouncements as of December 31, 1998 426(7)
N Professional Accounting Associations, Business Organizations, Boards, Commissions, and Directors Publications 433(6)
INDEX 439

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