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The AICPA Audit Committee Toolkit: Private Companies

Author: The AICPA Audit Committee Effectiveness Center in cooperation with CNA
Publisher: AICPA
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Description

The AICPA Audit Committee Toolkit: Private Companies is designed to support audit committee related issues, including discussion of IFRS. This book takes the guesswork out effectively establishing and managing an audit committee by providing you with dozens of useful tools. Developed specifically for private companies, it provides all of the most common forms, and additional tools tailored for the private company. The accompanying CD-ROM features forms and checklists that you can fill out and save so you can effectively create, file, and track your documentation.

This book includes:

  • Administrative guidelines - including a sample charter matrix, audit committee roles and responsibilities, and an overview of the AICPA peer review reprogram
  • Roles and responsibilities - with checklists, tools, and guidelines for the audit committee, independent auditors, and a sample whistleblower policy and tracking report
  • Performance evaluation tools - key forms that you need to evaluate internal audit teams, independent auditors, and an audit committee self-evaluation
  • An accompanying CD-ROM - provides an electronic version of the entire book with the capability of filling out all of the forms and checklists in electronic format for easy data entry and filing of each tool.

Table of Contents

  • Acknowledgements
  • Part I — Audit Committee Administration
    • Benefits of a Private Company Audit Committee
    • Audit Committee Member Roles and Responsibilities
    • Audit Committee Charter Matrix
    • Audit Committee Financial Expertise Considerations
    • Sample Request for Proposal Letter for CPA Services — Private Company
    • AICPA Peer Review Program: An Overview
    • Guidelines for Hiring the Chief Audit Executive
    • Engaging Independent Counsel and Other Advisers
  • Part II — Key Responsibilities
    • Internal Control: A Primer and Tool for the Audit Committee
    • Fraud and the Responsibilities of the Audit Committee: An Overview
    • Sample Whistleblower Policy and Tracking Report
    • Issues Report from Management
    • Conducting an Audit Committee Executive Session: Guidelines and Questions
    • Discussions to Expect From the Independent Auditor
  • Part III — Performance Evaluation
    • Evaluating the Internal Audit Team: Guidelines and Questions
    • Evaluating the Independent Auditors: Questions to Consider
    • Conducting an Audit Committee Self-Evaluation: Guidelines and Questions
  • Part IV — Other Tools
    • SAMPLE—Audit Committee Charter
    • International Financial Reporting Standards: Primer and Tool for Audit Committees
    • Enterprise Risk Management—The COSO Framework: A Primer and Tool for the Audit Committee 133
    • SEC Final Rule on Audit Committee Financial Experts
    • Resources for Audit Committees

Excerpts

Untitled Document

In January 2004, the AICPA launched its Audit Committee Effectiveness Center (Center) to provide resources in the public interest to those who work with and serve on audit committees and boards of directors. The Audit Committee Effectiveness Center is available at www.aicpa.org/audcommctr. The information provided on the Center is intended for use by all organizations: publicly owned, privately owned, not-for-profit, and governmental entities.

The two main features of the Center, The AICPA Audit Committee Toolkit(s) and the Audit Committee Matching System, have helped thousands of organizations effectively carry out corporate governance responsibilities.

Now, we are pleased to introduce the fourth in the series of toolkits, entitled The AICPA Audit Committee Toolkit: Private Companies. It has been developed by CPAs working in and with privately owned companies and is tailored to meet the unique needs of the organizations they serve.

The foundational component of The AICPA Audit Committee Toolkit: Private Companies is the Audit Committee Charter Matrix. This matrix and the accompanying checklists, interview guides, questionnaires, and other resources are intended to be used as active tools to help the audit committee execute its responsibilities.

We also encourage you to make use of the Audit Committee Matching System, which is a means to link CPAs who are willing to serve as members of boards of directors and audit committees with the organizations that need their unique CPA skill set in these roles.

And finally, another feature of the Center is the e-Alert option. By registering for e-mail alerts, you will be kept informed of new tools and updates to existing tools as they are released and other developments that relate to audit committee responsibilities.

We are grateful to CNA for their continued sponsorship and support of the Center.

If you have questions, comments, ideas for additional tools, or other feedback, please e-mail our staff at acms@aicpa.org.

Sincerely,
Barry C. Melancon, CPA
President and CEO

Christopher T. McKittrick,
CPA Director-Members in Business,
Industry & Government

991007

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Paperback 2008
Product# 991007
Availability:In Stock
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