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The Audit Committee Handbook, Fourth Edition, w/URL Custom Edition
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  • Wiley

More About This Title The Audit Committee Handbook, Fourth Edition, w/URL Custom Edition

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"The Audit Committee Handbook, Fourth Edition serves as an excellent and functional road map for audit committee members, corporate board members, and practitioners operating within today's vastly changing regulatory environment . . . providing the tools for better adherence to the newly enacted, higher standards of corporate responsibility."
—Jo Ann Golden, CPAPast president, New York State Society of Certified Public Accountants Partner, Dermody, Burke & Brown, CPA, PLLC

The classic guide to audit committee responsibilities–completely updated to cover the newest regulations

Since the publication of the Third Edition of The Audit Committee Handbook in 1999, the accounting world has been turned on its heel by the major debacles of Enron, WorldCom, Tyco, and others. With major reform in the air, audit committee members need the most current information available to help them adhere to the new guidelines.

The Audit Committee Handbook, Fourth Edition fills the need for an up-to-date reference to help busy professionals perform oversight responsibilities during this time of great financial liability. This newly updated Fourth Edition features:

Checklists and practical guidance to help audit committee members meet their responsibilities in this new era of accountability

The latest guidance for compliance from the SEC and the major stock exchanges

New material addressing the scandals of the past two years and their impact on audit committees

Guidance from the IIA on how to work with internal auditors

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English

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.
  • English

English

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’s 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.

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