The Board of Directors and Audit Committee Guide to Fiduciary Responsibilities: Ten Critical Steps to Protecting Yourself and Your Organization
- 3h 28m
- Ronald Kral, Sheila Moran
- AMACOM
- 2013
More than three million people serve on boards and audit committees in the U.S. alone. But huge risks come with these coveted jobs. SEC scrutiny is at an all-time high, with boards and audit committees now held liable to for acts of fraud and other corporate malfeasance-even if they had no knowledge of wrong-doing in the organization. This essential guide mitigates the risks and dramatically increases the effectiveness of boards and audit committees by uncovering 10 crucial steps every governing body should take, including: cultivate independence; build a balanced team; leverage independent advisors; address stakeholder concerns; direct the external audit; approach risk proactively; spearhead fraud deterrence initiatives; promote accountability; and more. Comprehensive and practical, this book simplifies complex corporate governance standards, and helps readers satisfy the requirements of board service while protecting themselves and the organization.
About the Authors
Sheila Moran, CPA, CFE, is CFO at Professional Power Products, Inc., and serves on the faculty of the Association of Cer-tified Fraud Examiners. She has worked as an auditor and fraud examiner for companies in a variety of industries. She lives in Fontana, Wisconsin, and can be reached at sheilamoran.net or on Twitter at @AuditCommGuide.
Ronald Kral, CPA, CMA, CGMA, is managing partner at the public accounting firm Candela Solutions LLC. He has served as the chief executive for a subsidiary of a multibillion-dollar company and as principal consultant with PricewaterhouseCoopers. He lives in Las Vegas, Nevada.
In this Book
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Nominate Independent Directors
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Establish a Culture of Action
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Evaluate the Audit Committee
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Direct the External Audit
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Scrutinize the Financial Statements
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Leverage Internal Audit and Outside Resources
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Satisfy Regulators and Other Stakeholders
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Address Risk Proactively
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Spearhead Fraud-Deterrence Initiatives
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Expect the Unexpected
