Audit committee essentials by Curtis C. Verschoor

By Curtis C. Verschoor

Praise for Audit Committee Essentials

"Audit Committee Essentials is a wonderful and finished source, documented with key references and illustrated with real-life corporation examples for all sorts of industrial and nonprofit organizations. Dr. Verschoor brings into concentration the intertwined impression of probability administration, inner controls, and ethics on oversight obligations for either the audit committee and the total board of administrators. From my own standpoint as an audit committee member and as a director of either revenue and nonprofit entities, this e-book can be required analyzing for company administration, forums of administrators, and their committees."
--George okay. Gill, Chairman and CEO of PetAg, Inc.; Director and member of the funding and Audit Committees of the United Methodist origin of Northern Illinois

"Maintaining the top moral criteria is important to the good fortune of not-for-profits in modern day global. Dr. Verschoor's booklet offers a realistic, hugely prescriptive method of making sure that governance procedures meet the top expectancies of managers, staff, volunteers, individuals, and different stakeholders. i'm very inspired with the clarity of the e-book. It certainly increases one's understanding of the necessity for a thought-out plan that guarantees robust monetary and moral credibility."
--John S. Maxson, President and CEO better North Michigan road organization, Chicago, Illinois

A concise and readable account of the audit committee's roles and responsibilities

The Sarbanes-Oxley Act has replaced the best way all organisations now function, despite dimension. In Audit Committee Essentials, goverance specialist Curtis Verschoor explains with nice aspect and razor-sharp precision why inner keep watch over is so severe, emphasizing monetary literacy, a demand less than Sarbanes-Oxley, in addition to oversight of the monetary reporting method and comparable controls, ethics and the inner and self reliant audits.

Written for professional pros in addition to newly assigned board participants, Audit Committee Essentials is a crucial device with a view to remain abreast of the speedily altering governance requisites and obligations of audit committees.

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Risk Management. The board (or more likely the audit committee) should receive periodic reports concerning the corporation’s identification, assessment, and decision processes for financial, industry, and other business risks. 2. Compliance with Law. Directors need to be sure that the corporation has adequate policies and procedures designed to provide assurance that there is compliance with corporate policies as well as all relevant laws and regulations. These policies include those pertaining to: codes of business conduct; environmental and health and safety; anti-discrimination and employment; anti-trust and competition; insider trading; anti-bribery; and securities laws.

24. Excerpted from Corporate Director’s Guidebook, Fourth Edition, 2004, published by the American Bar Association Section of Business Law. Copyright # 2004 by the American Bar Association. Reprinted with Permission. 36 Personal Characteristics of Effective Boards and Members Candidates for potential membership on standing committees, such as the audit committee, may require specialized knowledge. The major characteristics desirable for audit committees and their members are further discussed in Chapter 6.

24 The Guidebook places these special areas of concern in the discussion of a board’s legal framework of responsibilities so as to emphasize the importance of the various oversight roles that the board performs. In the case of public companies these roles are performed on behalf of all shareholders, but in the case of not-forprofit organizations are on behalf of the general public. RECOMMENDED ELEMENTS OF BOARD PRACTICES AND PROCESSES The NACD Report on Director Professionalism outlines eight practices and processes that facilitate directors’ ability to fulfill their role and discharge their responsibilities as directors and committee members.

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