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1. Ingredients of an effective audit committee   WebExclusive

BY Samantha White
The audit committee is a fundamental part of the corporate governance structure. But with changing demands being placed on it, what steps can companies take to ensure that the committee effectively safeguards stakeholders? A popular panel at the 2014 World Congress of Accountants in Rome explored the issue.

2. Internal audit oversight  

BY Richard J. Anderson, CPA and J. Christopher Svare
One of an audit committee’s most important responsibilities is to oversee the organization’s internal audit function. Here are 10 steps audit committees can take to facilitate proper oversight and direction of internal audit: Evaluate the current and projected scope of internal audit coverage of risk management and governance.

3. Corporate governance best practices 10 years after SOX   CPEDirect

BY Ken Tysiac
You could hardly go to a Washington hearing related to an accounting or auditing issue this spring without someone singing the praises of the Sarbanes-Oxley Act of 2002 (SOX). At a House subcommittee meeting on accounting and auditing oversight, House Financial Services Committee Chairman Spencer Bachus, R-Ala., said SOX has been successful in preventing some of the challenges it was created to address.

4. Updated COSO framework will help audit committees comply with SOX  

BY Stephen G. Austin
The compliance revolution after the passage of the Sarbanes-Oxley Act of 2002 (SOX) was accomplished in large part with the help of the internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO’s framework became part of a worldwide movement to enhance periodic accounting and reporting of financial results.

5. PCAOB Reproposes Standard on Communications with Audit Committees   WebExclusive

The PCAOB on Tuesday reproposed for comment an audit standard, Communications with Audit Committees, and related amendments to PCAOB standards. Initially, the standard was proposed on March 29, 2010. According to a PCAOB news release, the reproposed standard is designed to align communications requirements with performance demands in other PCAOB standards, including the risk assessment regulations of Auditing Standards nos.

6. AICPA Letter to PCAOB Raises Concerns About Mandatory Audit Firm Rotation   WebExclusive

The AICPA recommended that the PCAOB refrain from imposing mandatory audit firm rotation. AICPA Chairman Greg Anton, and President and CEO Barry Melancon signed a comment letter sent by email Wednesday to the PCAOB stating that mandatory audit firm rotation is costly and has the potential to hinder audit quality rather than enhancing it.

7. PCAOB to Host Round-Table Meeting, Extend Comment Period on Communications with Audit Committees   WebExclusive

The PCAOB announced Tuesday that it will hold a public round-table meeting regarding its proposed standard on auditors’ communications with audit committees, and that it is reopening the comment period on the proposal until Oct. 21, 2010. “The Sarbanes-Oxley Act strengthens the audit committee’s oversight of the audit process, and the board’s proposal seeks to further that objective,” PCAOB Acting Chairman Daniel L.

8. News Highlights for June 2010  

The PCAOB proposed for comment an auditing standard, Communications with Audit Committees, and a series of related amendments to its interim standards. The proposal includes a requirement for the auditor to establish a mutual understanding of the terms of the audit engagement with the audit committee and to document that understanding in an engagement letter.

9. Audit Committee Considerations for Whistleblower Hotlines  

Audit committees should consider the following questions when assessing the design effectiveness of a hotline: Does the hotline have a dedicated hotline number, fax number, website, e-mail address, and regular mail or post office box address to expedite reports of suspected incidents of misconduct? Does the hotline demonstrate confidentiality, including showing how caller ID, e-mail tracking, and other technologies cannot be used to identify the whistleblower? Has the entity considered use of an independent hotline operator to enhance the perception of confidentiality in addition to any real improvement? Does the hotline

10. More Perspectives on Audit Committees and ERM  

BY Arnold H. Schanfield, Dan Helming
We are offering additional commentary on the article titled “Rising Expectations: Audit Committee Oversight of Enterprise Risk Management” (April 08, page 44). I am an internal audit director and part-time NYU faculty member running an ERM consulting business in New Jersey, together with another practitioner and colleague in New York.
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