by Curtis C. Verschoor
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Product Description
Praise for Audit Committee Essentials
"Audit Committee Essentials is an excellent and comprehensive resource, documented with key references and illustrated with real-life company examples for all types of commercial and nonprofit enterprises. Dr. Verschoor brings into focus the intertwined impact of risk management, internal controls, and ethics on oversight responsibilities for both the audit committee and the entire board of directors. From my personal perspective as an audit committee member and as a director of both profit and nonprofit entities, this book should be required reading for corporate management, boards of directors, and their committees."--George K. Gill, Chairman and CEO of PetAg, Inc.;Director and member of the Investment and Audit Committees of the United Methodist Foundation of Northern Illinois
"Maintaining the highest ethical standards is critical to the success of not-for-profits in today's world. Dr. Verschoor's book provides a practical, highly prescriptive approach to ensuring that governance processes meet the highest expectations of managers, employees, volunteers, contributors, and other stakeholders. I am very impressed with the readability of the book. It definitely raises one's awareness of the need for a thought-out plan that ensures strong financial and ethical credibility."--John S. Maxson, President and CEO Greater North Michigan Avenue Association, Chicago, Illinois
A concise and readable account of the audit committee's roles and responsibilities
The Sarbanes-Oxley Act has changed the way all corporations now operate, regardless of size. In Audit Committee Essentials, goverance expert Curtis Verschoor explains with great detail and razor-sharp precision why internal control is so critical, emphasizing financial literacy, a requirement under Sarbanes-Oxley, as well as oversight of the financial reporting process and related controls, ethics and the internal and independent audits.
Written for seasoned professionals as well as newly assigned board members, Audit Committee Essentials is a vital tool in order to stay abreast of the rapidly changing governance requirements and responsibilities of audit committees.
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Average Customer Review:
1 of 1 people found the following review helpful:
This book explains why risk management and internal controls in ANY organization are so important. Twothumbsup!, 2008-09-07
I liked this book very much. It was of interest to me because it explains why risk management and internal controls in ANY organization are so important. As a SCORE volunteer business coach I have to explain what is covered in this book from time to time. It's good for entrepreneurs to think in terms of internal accounting controls.
This book is not written for entrepreneurs, though. It is written for board members of for-profits and nonprofits alike - seasoned and newly assigned. It is also written for executives of these companies and organizations. Among other things this book covers the roles and responsibilities of the Board of Director's "audit committee." It provides a fairly comprehensive overview of what this special group of detached, independent, board members must do in order to protect the company from its executives, its Board, and look out for the shareholders. Without a properly functioning audit committee the executives of a company or nonprofit are free to use the company as their own personal piggy bank. They are free to manipulate the value of the stock through fraud and take part in insider trading schemes.
I loved the Preface to the book. It does a wonderful job of summarizing the book chapter by chapter. Thus, the actual reading of the book was pretty easy. However, I think the book could have been streamlined a little better. I would have reduced the chapters from 15 to 9 as follows:
1. Evolution of Audit Committees
2. It's All about Risk Management
3. Typical Audit Committee Charters
4. Duties of Audit Committees at For-Profits
5. Duties of Audit Committees at Nonprofits
6. Qualifications and Characteristics of Ideal Audit Committee Members
7. Ethics-Related Initiatives
8. The Importance of Internal Controls, including Internal Auditing
9. Information Technology
The author is certainly qualified to write this book. At one time he was Director of Education for Touche Ross, one of the fomer Big 8 public accounting firms. I used to work for one of the other 8. And he has been a controller, CFO, and college professor. Besides the CPA designation, he holds the CIA (Certified Internal Auditor) and CMA (Certified Management Accountant, and the CFE (Certified Fraud Examiner). 5 stars!
PS. Take a look at the Search Inside material offered by Amazon so you can examine the Table of Contents of this book and more fully understand what this book has to offer.
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