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The Board of Directors and Audit Committee Guide to Fiduciary Responsibilities: Ten Critical Steps to Protecting Yourself and Your Organization

Ten Critical Steps to Protecting Yourself and Your Organization

Sheila Moran, Ronald Kral

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More than three million people serve on boards and audit committees in the U.S. alone. But huge risks come with these coveted jobs. SEC scrutiny is at an all-time high, with boards and audit committees now held liable to for acts of fraud and other corporate malfeasance-even if they had no knowledge of wrong-doing in the organization.

This essential guide mitigates the risks and dramatically increases the effectiveness of boards and audit committees by uncovering 10 crucial steps every governing body should take, including:

. Cultivate independence . Build a balanced team . Leverage independent advisors . Address stakeholder concerns . Direct the external audit . Approach risk proactively . Spearhead fraud deterrence initiatives . Promote accountability . And more

Comprehensive and practical, this book simplifies complex corporate governance standards, and helps readers satisfy the requirements of board service while protecting themselves and the organization.

Sheila Moran CPA, CFE is CFO at Professional Power Products and serves on the faculty of the Association of Certified Fraud Examiners.

Ronald Kral CPA, CMA, CGMA is managing partner at public accounting firm, Candela Solutions LLC.


Einband gebundene Ausgabe
Seitenzahl 224
Altersempfehlung ab 18 Jahr(e)
Erscheinungsdatum 17.07.2013
Sprache Englisch
ISBN 978-0-8144-3166-5
Verlag Amacon Book Division
Maße (L/B/H) 23.6/15.9/2.5 cm
Gewicht 497 g


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  • Contents

    Introduction  1

    CHAPTER ONE:Nominate Independent Directors  6

    Nominating Committee Perspective  6

    Candidate Perspective  15

    CHAPTER TWO:Establish a Culture of Action  18

    Expectations of Audit Committees  18

    Essential Audit Committee Proficiencies  22

    CHAPTER THREE:Evaluate the Audit Committee  28

    Why Should Evaluations Be Considered?  28

    Who Is Best Positioned to Conduct the

    Evaluation?  30

    When Should Evaluations Be Performed?  31

    What Should Be Evaluated?  32

    How Should the Evaluation Be

    Performed?  34

    CHAPTER FOUR:Direct the External Audit  36

    The External Audit Process  37

    Potential Roles of the Auditor  45

    Hiring, Evaluating, and Replacing the

    External Auditor  47

    CHAPTER FIVE:Scrutinize the Financial Statements  53

    Types of Financial Misstatements  53

    Governance Protocols  61

    CHAPTER SIX:Leverage Internal Audit and Outside Resources  87

    The Internal Audit Mandate  87

    Internal Audit Oversight  89

    Internal Audit Administration  97

    Signs of an Ineffective Internal Audit

    Function  100

    CHAPTER SEVEN:Satisfy Regulators and Other Stakeholders  104

    Regulators  105

    Other Stakeholders  121

    CHAPTER EIGHT:Address Risk Proactively  124

    Risk-Management Frameworks  125

    Risk Identification  126

    Risk-Ranking Tools  128

    Risk Response  132

    Reporting Risk  137

    Risk-Assessment Follow-Up  142

    CHAPTER NINE:Spearhead Fraud-Deterrence

    Initiatives  148

    Types of Fraud  149

    Fraud-Deterrence Tools  163

    CHAPTER TEN:Expect the Unexpected  186

    The Need for Crisis-Management and

    Crisis-Media Plans  186

    Board-Level Fraud Response  191

    The Need for CFO and CAE Succession

    Plans  201

    Conclusion  205

    Forty Key Action Items  205

    Notes  213

    Index  223