
The Audit Committee Handbook, 5th Edition
by Louis Braiotta (Alfred Univ.); R. Trent Gazzaway; Robert Colson; Sridhar Ramamoorti-
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Summary
Table of Contents
Preface | |
Getting Acquainted with Your Responsibilities | |
Corporate Accountability: Focus on the Audit Committee | |
Appropriate Accounting Skills | |
Internal Control Oversight | |
Auditor Oversight | |
Audit Committee Resources | |
Transactional Economics | |
The Nature and Importance of Corporate Accountability | |
Developments in Corporate Accountability | |
Corporate Accountability and the Audit Committee | |
Conclusion | |
Sources and Suggested Readings | |
Audit Committees: Basic Roles and Responsibilities | |
Organization of the Audit Committee | |
The Audit Committee Functions | |
The External and Internal Auditing Process | |
Sources and Suggested Readings | |
The External Users of Financial Reporting Information | |
Introduction | |
The Investors | |
Credit Grantors | |
Regulatory Agencies | |
Other Outside Constituencies | |
Important Developments in Business Reporting and Assurance Services | |
Benchmarking | |
Sources and Suggested Readings | |
The Legal Environment of the Audit Committee | |
General Legal Responsibilities | |
Other Federal Provisions Related to Fraud | |
Lessons for the Audit Committee from litigation | |
Guidelines for Minimizing Legal Liability | |
Sources and Suggested Readings | |
Rules of the Road: Financial Reports and Their Audits | |
An Overview of U.S.Generally Accepted Auditing Standards | |
An Analysis of the Auditing Standards | |
Integration of Auditing and Related Accounting Standards | |
Attestation Engagements | |
International Auditing Standards | |
Sources and Suggested Readings | |
The Planning Function of the Audit Committee | |
Planning the External Audit | |
Financial Statement Assertions | |
The Relationship between Risk and the External Audit | |
The Engagement Team | |
Types of Audit Tests | |
Evaluating the External Audit Plan | |
Sources and Suggested Readings | |
Qualitative Factors That May Influence the Determination of Materiality | |
Example Audit Planning Schedule | |
Planning the Internal Audit | |
Components of the Internal Audit Plan | |
Enterprise Risk Management | |
Oversight and Reporting | |
Sources and Suggested Readings | |
The Monitoring and Reviewing Functions of the Audit Committee | |
Monitoring the System of Internal Control | |
Definition and Basic Concepts | |
Responsibility for the System of Internal Control | |
Reporting Requirements | |
Audit Committee Expectations | |
Sources and Suggested Readings | |
Evaluating the Internal and External Audit Function | |
Selecting and Staffing an Internal Audit Function | |
Monitoring the Internal Audit Function | |
Selecting and Evaluating an External Auditor | |
Reporting by the External Auditor | |
Sources and Suggested Readings | |
Communications Between Auditors and Audit Committees | |
Audit Committee's Review Objective | |
Accounting Policy Disclosures | |
Guidelines for Reviewing Accounting Policy Disclosures | |
Sources and Suggested Readings | |
A Perspective on Fraud and the Auditor | |
Meaning of Fraud in a Financial Statement Audit | |
The External Auditor's Responsibility | |
The Internal Auditor's Responsibility | |
Investigating Known Fraud | |
The Audit Committee's Oversight Approach to Fraud Risk Assessment | |
Sources and Suggested Readings | |
The Audit Committee, Corporate Culture, and Tone at the Top | |
Questionable Foreign Payments | |
Corporate Perquisites and Executive Compensation | |
Executive Compensation | |
Corporate Contributions | |
Conclusion | |
Sources and Suggested Readings | |
The Reporting Function and the Audit Committee | |
Independent Auditors' Reports | |
The Auditors' Reports on Audited Financial Statements | |
Other Auditing Opinions | |
Other Reports of the Auditors | |
Sources and Suggested Readings | |
The Audit Committee's Report and Concluding Observations | |
Purpose of the Audit Committee's Report | |
Guidelines for Preparing the Report | |
Concluding Observations | |
Sources and Suggested Readings | |
Appendix | |
About the Authors | |
Index | |
Table of Contents provided by Publisher. All Rights Reserved. |
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