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The Audit Committee Handbook » (4th Edition)

Book cover image of The Audit Committee Handbook by Louis Braiotta

Authors: Louis Braiotta
ISBN-13: 9780471488842, ISBN-10: 0471488844
Format: Hardcover
Publisher: Wiley, John & Sons, Incorporated
Date Published: February 2004
Edition: 4th Edition

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Author Biography: Louis Braiotta

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 was the 2002–2003 recipient of the New York State Society of CPAs' Dr. Emanuel Saxe Outstanding CPA in Education Award.

R. Trent Gazzaway is the national managing partner of audit services for Grant Thornton LLP.

Robert H. Colson, PHD, CPA, is a partner in the public policy and external affairs group of Grant Thornton LLP. He is responsible for the firm's engagement with academic researchers and a wide range of policy leaders associated with capital markets, accounting, auditing, financial regulation, and corporate governance.

Sridhar Ramamoorti, PHD, CPA/CITP/CFF, is a Principal with Infogix Advisory Services, Infogix, Inc., a software controls company. Previously, he was a corporate governance partner with Grant Thornton LLP.

Book Synopsis

More than ever before, audit committees areaccountable for their company's financials, especially amidst the uncertainties arising from the changing statutory, regulatory, legal, and risk environment for corporations, directors, and officers, as well as theaccounting and auditing substance of audit committees' jobs.

Completely updated to help you operate in thisever-changing environment, The Audit Committee Handbook, Fifth Edition fills the need for an up-to-date reference that helps busy professionals perform their oversight responsibilities.

The Fifth Edition features:

  • Updates from the latest regulatory changes

  • New chapters covering internal and external audit planning and oversight

  • New coverage of fraud risk

  • Broader international coverage

  • Advice on complying with myriad regulations while managing costs and maintaining a business focus—rather than one of compliance

  • Discussion of current trends and developments that maximize the effectiveness of audit committees

With action-oriented coverage to accommodate recent regulatory changes, this Fifth Edition provides in-depth guidance and up-to-date information on all functions, duties, and responsibilities of audit committees.

With numerous references to leading organizations in both the public and private sectors, The Audit Committee Handbook, Fifth Edition is invaluable as a comprehensive professional reference that—in a practical and actionable way—boils down key areas of concern for audit committee members.

Table of Contents

Preface
Acknowledgments
Pt. 1Getting Acquainted with Your Responsibilities1
1Corporate Accountability: The New Environment1
2Audit Committees: Basic Roles and Responsibilities42
3The External Users of Accounting Information97
4The Legal Position of the Audit Committee143
5Rules of the Road - Auditing and Related Accounting Standards178
Pt. 2The Planning Function of the Audit Committee197
6An Overview of Audit Planning199
7Audit Committees's Role in Planning the Audit219
Pt. 3The Monitoring and Reviewing Functions of the Audit Committee233
8Monitoring the System of Internal Control235
9Monitoring the Internal Audit Function249
10Reviewing Accounting Policy Disclosures291
11A Perspective on Fraud and the Auditor320
12Reviewing Certain General Business Practices349
Pt. 4The Reporting Function and the Audit Committee371
13Independent Auditors' Reports373
14The Audit Committee's Report and Concluding Observations389
App. AAccounting, 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, 2003405
App. BProfessional Accounting Associations, Business Organizations, Boards, Commissions, and Directors Publications413
Index417

Subjects