Best Practices: Audit Committee Seminar
These materials where used as sources for the creation of the seminar:
The Audit Committee Handbook - Fifth Edition
Audit committees, board members and executives are more accountable than ever before for their companies' financials and often find themselves struggling for clarity and understanding. Coauthored by Grant Thornton LLP's R. Trent Gazzaway, national managing partner of Audit services, and Robert H. Colson, Public Policy and External Affairs partner, The Audit Committee Handbook, Fifth Edition is hands-on and provides in-depth guidance on all audit committee functions, duties and responsibilities.
The Role of the Board of Directors in
"Enron's Directors protest that they cannot be held accountable for misconduct that was
concealed from them. But much that was wrong with Enron was known to the Board, from high risk
accounting practices and inappropriate conflict of interest transactions, to extensive undisclosed off the books activity and excessive executive compensation."
"At the hearing, the Subcommittee identified more than a dozen red flags that should have
caused the Enron Board to ask hard questions, examine Enron policies, and consider changing
course. Those red flags were not heeded. In too many instances, by going along with questionable
practices and relying on management and auditor representations, the Enron Board failed to provide
the prudent oversight and checks and balances that its fiduciary obligations required and a company
like Enron needed. By failing to provide sufficient oversight and restraint to stop management
excess, the Enron Board contributed to the company's collapse and bears a share of the
responsibility for it."
Highlights from the 6th Annual Audit Committee Issues Conference
About the Audit Committee Issues Conference
"Now in its sixth year, the Annual Audit Committee Issues conference brings together audit committee members from around the country to discuss the challenges, practices, and priorities shaping audit committee and board agendas. Designed exclusively for audit committee members, the conference is hosted by KPMG's Audit Committee Institute (ACI), and cosponsored by the National Association of Corporate Directors, The University of Miami School of Business Administration, and Weil Gotshal & Manges LLP."
AICPA Audit Committee Effectiveness Center
A key element in the corporate governance process of any organization is its audit committee. The battle for financial statement integrity and reliability depends on balancing the pressures of multiple stakeholders, including management, regulators, investors and the public interest. We present the guidance and tools to make audit committee best practices actionable.
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