The Board of Directors and Audit Committee Guide to Fiduciary Responsibilities

Ten Critical Steps to Protecting Yourself and Your Organization

The Board of Directors and Audit Committee Guide to Fiduciary Responsibilities

Authors: Sheila Moran, CPA, CFE, Ronald Kral, CPA, CMA
Pub Date: July 2013
Print Edition: $34.95
Print ISBN: 9780814431665
Page Count: 240
Format: Hardback
e-Book ISBN: 9780814431672

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Table of Contents

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

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