The following is intended as an example to assist the audit committee in constructing its own organization-specific charter that will be used as a working document or practical roadmap to outline its responsibilities and required duties.
The following Model Audit Committee Meeting Agendas suggest the timing, objectives, specific actions to be performed, and communications to be made to the board for certain audit committee meetings.
To assist the audit committee in performing its duties, the following is a list of questions it may ask the auditors and management in the context of periodic discussions.
Following are examples of questions which may be asked by an audit committee of management, other board members, or the external or internal auditors.
Signs that indicate financial trouble include: community support, financial independence, productivity, deferred current costs, and management practices.
This Audit Committee Self-Assessment document may be used by those charged with governance (in particular, audit committees) in performing an annual self-assessment.
The guidance covering these requirements is located in the following four sections of the revised AICPA Auditing Standards (SAS) Codification – Post Clarity (subsequent to the Clarity Project).
There are numerous resources available that guide those charged with governance toward building programs to include anti-fraud controls and cultivation of anti-fraud environments.
The FCPA of 1977, as amended, has been the recent focus of U.S. DOJ and SEC Enforcement and has resulted in significant risk and penalty/violation costs to companies, not to mention the exposure of directors to personal liability.