The AICPA Audit Committee Toolkit

• Acknowledgements
• Preface
• Part I: Audit Committee Administration
  • Audit Committee Roles and Responsibilities
  • Audit Committee Charter Matrix
  • Audit Committee Financial Expert Decision Tree
  • Sample Request for Proposal Letter for CPA Services (Public Company)
  • AICPA Peer Reviews and PCAOB Inspections of CPA Firms: An Overview
  • Guidelines for Hiring the Chief Audit Executive (CAE)
  • Engaging Independent Counsel and Other Advisers
• Part II: Key Responsibilities
  • Internal Control: A Tool for the Audit Committee
  • Fraud and the Responsibilities of the Audit Committee: An Overview
  • Procedures for Handling Complaints (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
  • SOX Section 404: Responding to the Identification of a Material Weakness – A Checklist for the Audit Committee
• Part III: Performance Evaluation
  • Evaluating the Internal Audit Team: Guidelines and Questions
  • Evaluating the Independent Auditor: Questions to Consider
  • Conducting and Audit Committee Self-Evaluation: Guidelines and Questions
• Part IV: Other Tools
  • Enterprise Risk Management: A Primer on the COSO Framework
  • Enterprise Risk Management: A Tool for Strategic Oversight
  • Common Security and Exchange (SEC) Filings: An Overview
  • SEC Final Rule on Audit Committee Financial Experts
  • Resources for Audit Committees

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Since it was launched in late 2003, the AICPA Audit Committee Effectiveness Center (www.aicpa.org/audcommctr) has earned a reputation as a respected source for audit tools, forms and information by both AICPA membership and the business public. The Center’s two main features—the Audit Committee Toolkit series and the Audit Committee Matching System — are part of the AICPA’s continuing efforts to support public interest in audit-related issues.

This 2nd edition of the Audit Committee Toolkit  is focused solely on public companies and includes some new tools such as a tool for reponding to adverse SOX reports and another for responding to material weakness(es) in internal control.. This edition also featues updates and revisions that reflect significant changes to SEC and PCAOB regulations and standards that occurred in the last four years. We will keep this and other versions of the Audit committeeToolkit updated as additional developments occur; we will also issue new ones periodically. 

The AICPA is grateful to CNA for its continued sponsorship of the Audit Committee Effectiveness Center and the Toolkit.

 If you have questions on how to use the tools contained in this book, suggestions for new or additional tools, or other feedback, please write to us at acms@aicpa.org.