By Curtis C. Verschoor
Praise for Audit Committee Essentials
"Audit Committee Essentials is a wonderful and complete source, documented with key references and illustrated with real-life corporation examples for every type of business and nonprofit organizations. Dr. Verschoor brings into concentration the intertwined influence of possibility administration, inner controls, and ethics on oversight duties for either the audit committee and the total board of administrators. From my own point of view as an audit committee member and as a director of either revenue and nonprofit entities, this publication may be required analyzing for company administration, forums of administrators, and their committees."
--George ok. Gill, Chairman and CEO of PetAg, Inc.; Director and member of the funding and Audit Committees of the United Methodist beginning of Northern Illinois
"Maintaining the top moral criteria is necessary to the good fortune of not-for-profits in modern-day international. Dr. Verschoor's booklet offers a realistic, hugely prescriptive method of making sure that governance techniques meet the top expectancies of managers, staff, volunteers, participants, and different stakeholders. i'm very inspired with the clarity of the publication. It certainly increases one's information of the necessity for a thought-out plan that guarantees powerful 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 firms now function, despite dimension. In Audit Committee Essentials, goverance professional Curtis Verschoor explains with nice element and razor-sharp precision why inner regulate is so serious, emphasizing monetary literacy, a demand less than Sarbanes-Oxley, in addition to oversight of the monetary reporting technique and similar controls, ethics and the interior and autonomous audits.
Written for professional execs in addition to newly assigned board individuals, Audit Committee Essentials is a crucial device so that it will remain abreast of the swiftly altering governance requisites and obligations of audit committees.
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Additional info for Audit committee essentials
When information indicates that potential problems or issues may exist, directors should pursue the matter and make inquiries and follow up until they are reasonably satisfied that management is dealing with the issue appropriately. Even when there are no red flags, directors should satisfy themselves that there are programs designed to identify and manage business risks and compliance with corporate policies, laws, and regulations. Disclosure among directors. When decisions are made and for effective oversight, a candid discussion among directors and with management is essential.
Boards need knowledge about industry-specific issues in order to be fully informed. International markets. Corporations with global operations need boards with international knowledge. Leadership. Boards need members who can attract management having the ability to motivate high-performing talent. Providing for succession management as well as properly motivating incumbent management is an important board function. Strategy/Vision. 14 These characteristics illustrate the breadth of knowledge that is required for effective board processes.
6. Many of the issues of special concern for board members involve areas where the audit committee has primary responsibility. These include: Quality of disclosure Compliance with laws and regulations Approval of commitments and compliance with contractual obligations Effectiveness of internal and disclosure controls Identification of business risks and protection of assets 7. The compensation of senior management as well as the CEO is emerging as a critically important issue for compensation committee analysis and full board deliberation.