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Best Practices: Audit Committee

Best Practices: Audit Committee

Best Practices for Effective Audit Committees: Strengthening Organizational Oversight

 

As an Audit Committee, how can you fulfill your duty to safeguard your organization against risks?

 

This comprehensive two-hour CPE training seminar is designed to provide you with an in-depth understanding of audit committee responsibilities and equip you with the knowledge and skills to become an effective audit committee member.

 

Through this program, you will gain valuable insights into best practices across major fiduciary oversight areas specific to audit committees. Whether you are a director, an audit committee member, or an advisor to audit committees, this CPE program will help you grasp the full impact of recent and forthcoming legislation arising from the economic crisis. You will also learn about the expectations placed on audit committees in the current business landscape.

 

Tailored to meet the CPE education needs of senior officers, board members, and audit committee members, this seminar can be customized for private presentations to your audit committee, incorporating industry-specific examples. Our expert facilitators have delivered this program successfully across various sectors, including healthcare, banking, casinos, retail, insurance, and non-profit organizations.

 

Key topics covered in the Audit Committee Seminar include:

  • A comprehensive overview of audit committee responsibilities
  • Understanding and implementing best practices in fiduciary oversight areas
  • Navigating the impact of recent and pending legislation on audit committees
  • Adapting to the evolving expectations in the current business environment

 

As an attendee, you will earn 2 CPE hours (YB) and receive a certificate of completion, affirming your enhanced expertise in audit committee best practices.

 

Join us to strengthen your organization's oversight capabilities, protect against risks, and fulfill your audit committee's crucial role. Register now to secure your spot in this insightful and informative seminar.

  • Details on Event Presentation

    Being offered twice a quarter on Thursdays at 10:00 a.m. to 12:00 noon Central Time.

  • 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:

    • Financial Closing and Reporting Process

    • Risk Management Process

    • Internal Control over Financial Reporting (ICFR)

    • External Auditor Services

    • External Accounting and Internal Audit Services

    • Key Governance Controls

    • Alternative Communication Controls

    • Special Investigations

    • 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

  • Learning Objectives

    What you will hear at this seminar is:

    • The most important recent developments for audit committees

    • The governance role of the Audit Committee

    • Effective oversight of Internal Control over Financial Reporting (ICFR)

    • Effective oversight of the external auditor

    • External Accounting and Internal Audit Services

    • Key Governance Controls

    • Alternative Communication Controls

    • Special Investigations

    • Audit Committee Management and Reporting Responsibilities

  • Key Issues on the Agenda

    Introduction

    Section 1 - What defines an audit committee?

    • What is an audit committee?

    • Boards and sub-committees

    • Audit committee charter

    • Good corporate governance


    Section 2 - The Influence of an Audit Committee

    • Audit committee responsibilities

    • Attributes of audit committee directors


    Section 3 - Audit Committee Challenges

    • The "Enron" approach

    • Dependence on expertise and integrity

    • Quality of auditor services

    • Compliance programs


    Section 4 - Risk, Fraud and Internal Control

    • Does the organization have weak controls?

    • Tone at the top

    • What is internal control?

    • COSO 2013

    • Financial statement risk

    • "Risk Management"


    Section 5 - Impact of the Sarbanes-Oxley Act

    • Sarbanes-Oxley Act

    • Public Company Accounting Oversite Board (PCAOB)

    • 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

$140.00Price
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