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Best Practices: Audit Committee

Offered biweekly on Thursdays at 10:00 a.m. for two hours in one CPE Event

How can the Audit Committee meet their duty to protect the organization from risks?

This two hour CPE training seminar focuses on an overview of audit committee responsibilities and how to be an effective audit committee member. It will provide a basic understanding of best practices in each major fiduciary oversight area for audit committees.

If you are a director or member of an audit committee, or if you advise audit committees, this CPE program will help you understand the full impact of recent and pending legislation resulting from the economic crisis and what is expected of audit committees in the current environment.

The Audit Committee Seminar has been designed to meet the CPE education needs of senior officers, board and audit committee members and can be tailored for private presentation to your audit committee with industry examples. We have recently presented this program in the healthcare, banking, casino, retail, insurance and non-profit environments.

The cost of this internal audit training course is $120.00 for the first attendee from a single organization.

Each attendee will receive 2 Auditing CPE Hours (YB). A certificate of completion will be provided.

Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour

CPE Event Highlights

The purpose of this seminar is to provide each attendee with a high-level understanding of the Audit Committee's major fiduciary oversight and responsibilities concerning:

  • Financial Closing and Reporting Process

  • Risk Management Process

  • Internal Control over Financial Reporting (ICFR)

  • External Auditor Services

  • External Accounting and Internal Audit Services

  • Key Governance Controls

  • Alternative Communication Controls

  • Special Investigations

  • Audit Committee Management and Reporting Responsibilities


Best Practices for the Audit Committee was developed from numerous sources of authoritative information on the function. Please refer to the following webpage for a summary of these sources. Sources


Learning Objectives

What you will hear at this seminar is:

  • The most important recent developments for audit committees

  • The governance role of the Audit Committee

  • Effective oversight of Internal Control over Financial Reporting (ICFR)

  • Effective oversight of the external auditor

  • External Accounting and Internal Audit Services

  • Key Governance Controls

  • Alternative Communication Controls

  • Special Investigations

  • Audit Committee Management and Reporting Responsibilities


Key Issues on the Agenda


Section 1 - What defines an audit committee?

  • What is an audit committee?

  • Boards and sub-committees

  • Audit committee charter

  • Good corporate governance

Section 2 - The Influence of an Audit Committee

  • Audit committee responsibilities

  • Attributes of audit committee directors

Section 3 - Audit Committee Challenges

  • The "Enron" approach

  • Dependence on expertise and integrity

  • Quality of auditor services

  • Compliance programs

Section 4 - Risk, Fraud and Internal Control

  • Does the organization have weak controls?

  • Tone at the top

  • What is internal control?

  • COSO 2013

  • Financial statement risk

  • "Risk Management"

Section 5 - Impact of the Sarbanes-Oxley Act

  • Sarbanes-Oxley Act

  • Public Company Accounting Oversite Board (PCAOB)

  • Management's certifications

Section 6 - Financial Statement Review
Building knowledge
"Materiality" and "Misstatements"
Financial statement estimates

Section 7 - Managing the Relationship with Auditors
- PCAOB Auditing Standard # 16
- Management vs. auditor responsibilities
- Evaluating auditor capabilities
- Why require Internal Audit?
- What Should an Internal Auditor Do?

Section 8 - Compliance and Ethics
- Responsibilities for ethical behavior
- "Culture of Compliance"

Section 9 - Audit Committee Reports and Assessments
- Audit committee self-assessment

Section 10 - Going Forward