Best Practices: Audit Committee
Strengthen your organization’s governance and oversight with our Best Practices for Effective Audit Committees CPE Training. This two-hour interactive seminar is designed to empower audit committee members, directors, and advisors with practical knowledge to fulfill their fiduciary responsibilities and mitigate organizational risks. Gain critical insights into corporate governance, evolving compliance expectations, and best practices for robust risk management, while earning 2 CPE credits.
Why Attend?
Earn 2 CPE Credits
This NASBA-approved program awards attendees with two Continuing Professional Education (CPE) credits, ensuring that participants stay ahead of professional requirements while building essential skills.
Master Audit Committee Responsibilities
Understand the full scope of audit committee duties, including oversight of financial reporting, internal controls, audit processes, and risk management frameworks.
Navigate Evolving Governance Challenges
Learn how recent and pending legislation impacts audit committees and explore strategies to adapt successfully to today’s dynamic business environment.
Boost Oversight Efficiency
Identify and implement proven practices to improve organizational governance, ensuring your organization maintains compliance and accountability while minimizing risk.
Tailored for Audit Committee Professionals
Whether you are a board member, senior officer, or advisor, this seminar provides actionable takeaways across industries, including healthcare, banking, non-profit organizations, and more.
What You’ll Learn
This seminar covers key topics necessary to elevate your effectiveness as an audit committee member or advisor. Participants will gain a deep understanding of their governance role and learn how to implement best practices for organizational oversight.
Key takeaways include:
- Core Responsibilities: Grasp the governance role and duties of audit committees in corporate oversight.
- Risk and Fraud Management: Learn strategies for identifying weak controls, assessing financial risks, and fostering a culture of integrity.
- Internal Controls Oversight: Gain insights into reviewing and enhancing internal control frameworks for improved financial accuracy and reduced risks.
- Navigating Compliance Requirements: Understand the impact of laws like the Sarbanes-Oxley Act and adopt practical methods for regulatory compliance.
- Audit Processes and Evaluations: Review best practices for managing relationships with external and internal auditors, from PCAOB requirements to assessing auditor quality.
- Ethics & Governance: Build a culture of compliance and accountability within your organization.
Course Agenda
This two-hour CPE seminar includes interactive discussions, real-world examples, and step-by-step insights into building strong audit committee frameworks.
Section 1 – Audit Committee Fundamentals
- Defining an audit committee’s purpose and roles.
- Developing effective audit committee charters for governance success.
Section 2 – Fiduciary Oversight and Risk Management
- Applying best practices to fiduciary oversight responsibilities.
- Strategies for financial closing and auditing processes.
- Managing internal assessments of financial reporting risks.
Section 3 – Internal Controls and Fraud Prevention
- Evaluating the robustness of Internal Control over Financial Reporting (ICFR).
- Detecting red flags in fraud and risk management systems.
Section 4 – Compliance and Audit Committee Challenges
- Navigating evolving legislation, including the Sarbanes-Oxley Act.
- Preparing for compliance audits and addressing governance challenges.
Section 5 – Audit Committee Relations with Auditors
- Partnering effectively with external auditors.
- Evaluating audit reports, internal capabilities, and audit committee metrics.
Section 6 – Ethics, Reporting, and Future Governance
- Enhancing accountability through regular committee reports.
- Building a “Culture of Compliance” organization-wide.
Who Should Attend?
This course is specifically designed for professionals responsible for risk oversight and governance, including:
- Board Members and Directors responsible for audit committee duties.
- Senior Officers ensuring proper internal controls and risk management.
- Audit Committee Members navigating evolving fiduciary responsibilities.
- Advisors to Audit Committees seeking advanced frameworks and industry examples.
Event Details
- When: Every 8 weeks, Tuesdays, 1 p.m.–3 p.m. CST
- Where: Online, group-based interactive seminar
- CPE Credits: 2 credits (50 minutes of instruction per credit)
- Custom Training Available: Tailored solutions for private events, incorporating specific industry examples for your audit committee.
Why Effective Audit Committees Are Essential
Audit committees play an integral role in ensuring effective corporate governance and risk prevention. By upholding rigorous standards in fiduciary oversight, audit committees safeguard organizational integrity, foster accountability, and mitigate risks that can lead to financial or legal exposure.
This program offers audit committee members and advisors a roadmap to success by addressing today’s challenges with actionable strategies and a framework for long-term governance excellence.
Register Today
Secure your spot in our Best Practices for Effective Audit Committees CPE Training to gain actionable insights that strengthen your ability to protect your organization’s interests and fulfill your critical audit committee role.
Sign up now to proactively address governance challenges, enhance risk management efforts, and drive your organization forward with confidence.
Reserve your place today and take the next step in optimizing your audit committee’s oversight and compliance!
Details on Event Presentation
Offered every eight weeks on Tuesdays at 1:00 p.m. to 3:00 p.m. Central Time in two CPE-Credit event.
We can schedule private events on your timetable for two or more attendees.
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:
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Financial Closing and Reporting Process
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Risk Management Process
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Internal Control over Financial Reporting (ICFR)
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External Auditor Services
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External Accounting and Internal Audit Services
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Key Governance Controls
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Alternative Communication Controls
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Special Investigations
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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
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Learning Objectives
What you will hear at this seminar is:
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The most important recent developments for audit committees
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The governance role of the Audit Committee
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Effective oversight of Internal Control over Financial Reporting (ICFR)
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Effective oversight of the external auditor
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External Accounting and Internal Audit Services
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Key Governance Controls
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Alternative Communication Controls
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Special Investigations
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Audit Committee Management and Reporting Responsibilities
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Key Issues on the Agenda
Introduction
Section 1 - What defines an audit committee?-
What is an audit committee?
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Boards and sub-committees
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Audit committee charter
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Good corporate governance
Section 2 - The Influence of an Audit Committee-
Audit committee responsibilities
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Attributes of audit committee directors
Section 3 - Audit Committee Challenges-
The "Enron" approach
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Dependence on expertise and integrity
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Quality of auditor services
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Compliance programs
Section 4 - Risk, Fraud and Internal Control-
Does the organization have weak controls?
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Tone at the top
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What is internal control?
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COSO 2013
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Financial statement risk
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"Risk Management"
Section 5 - Impact of the Sarbanes-Oxley Act-
Sarbanes-Oxley Act
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Public Company Accounting Oversite Board (PCAOB)
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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-
NASBA Program Disclosure
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
Summary of the Subject Matter
The CPE event "Best Practices: Audit Committee - In-person" focuses on providing comprehensive insights into the best practices for conducting in-person audit committee meetings. The event delves into the key considerations and protocols essential for ensuring the effectiveness and efficiency of audit committee meetings within organizations.
Key topics covered in this event may include:
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Meeting Agenda Design: Guidance on structuring a well-defined meeting agenda, emphasizing crucial areas of discussion and decision-making within the audit committee's purview.
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Risk Assessment and Oversight: Insight into the best practices for risk assessment and oversight, enabling the audit committee to fulfill its crucial function in mitigating organizational risks.
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Financial Reporting and Compliance Updates: Updates on financial reporting requirements and compliance standards, equipping committee members with the latest industry knowledge.
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Internal Controls Evaluation: Best practices for evaluating internal controls, ensuring robust governance and risk management frameworks.
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Communication and Collaboration: Strategies for fostering effective communication and collaboration among audit committee members, management, and external auditors.
By addressing these critical aspects, the CPE event aims to empower audit committee members with the knowledge and tools necessary to fulfill their responsibilities effectively, ultimately contributing to improved governance and risk management within their organizations.
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