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The Board of Directors and Audit Committee Guide to Fiduciary Responsibilities


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Table of Contents


Introduction 1

CHAPTER ONE:Nominate Independent Directors 6

Nominating Committee Perspective 6

Candidate Perspective 15

CHAPTER TWO:Establish a Culture of Action 18

Expectations of Audit Committees 18

Essential Audit Committee Proficiencies 22

CHAPTER THREE:Evaluate the Audit Committee 28

Why Should Evaluations Be Considered? 28

Who Is Best Positioned to Conduct the

Evaluation? 30

When Should Evaluations Be Performed? 31

What Should Be Evaluated? 32

How Should the Evaluation Be

Performed? 34

CHAPTER FOUR:Direct the External Audit 36

The External Audit Process 37

Potential Roles of the Auditor 45

Hiring, Evaluating, and Replacing the

External Auditor 47

CHAPTER FIVE:Scrutinize the Financial Statements 53

Types of Financial Misstatements 53

Governance Protocols 61

CHAPTER SIX:Leverage Internal Audit and Outside Resources 87

The Internal Audit Mandate 87

Internal Audit Oversight 89

Internal Audit Administration 97

Signs of an Ineffective Internal Audit

Function 100

CHAPTER SEVEN:Satisfy Regulators and Other Stakeholders 104

Regulators 105

Other Stakeholders 121

CHAPTER EIGHT:Address Risk Proactively 124

Risk-Management Frameworks 125

Risk Identification 126

Risk-Ranking Tools 128

Risk Response 132

Reporting Risk 137

Risk-Assessment Follow-Up 142

CHAPTER NINE:Spearhead Fraud-Deterrence

Initiatives 148

Types of Fraud 149

Fraud-Deterrence Tools 163

CHAPTER TEN:Expect the Unexpected 186

The Need for Crisis-Management and

Crisis-Media Plans 186

Board-Level Fraud Response 191

The Need for CFO and CAE Succession

Plans 201

Conclusion 205

Forty Key Action Items 205

Notes 213

Index 223

About the Author

Ronald Kral, CPA, CMA, CGMA is managing partner at public accounting firm, Candela Solutions LLC. Shelia Moran, CPA, CFE is CFO at Professional Power Products and serves on the faculty of the Association of Certified Fraud Examiners.

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