The Board of Directors and Audit Committee Guide to Fiduciary Responsibilities
Ten Critical Steps to Protecting Yourself and Your Organization
Authors: Sheila Moran, CPA, CFE, Ronald Kral, CPA, CMA
Pub Date: July 2013
Print Edition: $34.95
Print ISBN: 9780814431665
Page Count: 240
e-Book ISBN: 9780814431672
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Over one million people serve on boards and audit committees in the United States 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 for acts of fraud and other corporate malfeasance—even if they had no knowledge of wrongdoing 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 must take, including:
• Cultivate independence and banish conflict-of-interest problems
• Build an effective, financially literate team
• Direct the external audit, from hiring to termination
• Scrutinize financial statements and conduct “walk the halls” tours
• Leverage internal audit activities (including surprise audits) and independent sources
• Satisfy regulators and build strong stakeholder relationships
• Address risk proactively, identifying and addressing organizational vulnerabilities
• Spearhead fraud-deterrence initiatives, including inexpensive but effective whistle-blower hotlines and ethics training
Comprehensive and practical, the book streamlines the voluminous, highly technical literature typically available to board directors, simplifying complex corporate governance standards and supplying concrete action steps. It’s the one book you need to ably fulfill the complex requirements of board service, while protecting yourself and your organization.
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