Maximizing the Effectiveness of Your Audit Committee

Learning Objectives

• To understand what the team can do to increase team cohesiveness.
• To understand the benefits and challenges of the division of duties.
• To gain an understanding of skills that the team may need or should develop to be an effective audit committee.
• To understand the strategic use of corporate gatekeepers.

Course Description

An effective audit committee is critical for ensuring the financial integrity of an organization. However, simply knowing the rules and regulations of the audit committee isn't enough. To truly increase the committee's effectiveness, it's important to understand the strategies and skills necessary to work cohesively and efficiently.

In this Auditing webinar, Speaker Denise Cicchella will cover the key tools, rules, and guidelines that audit committee members need to know to be successful. We'll explore ways to increase team cohesiveness, the benefits and challenges of the division of duties, and the skills necessary to be an effective audit committee.

Major Topics Covered:

• Purpose of an Audit Committee
• Skills: Seek a variety of skills
• Hierarchy and Independence
• Culture
• Driving the External Auditors
• Holy Relics
• Whistleblower Policy
• Morality over Policy
• Evaluate financial statements
• Benford’s Law
• Typical Frauds relating to financial statements
• Use IA as your tool
• Freedom for IA
• Understand Risk
• Pieces of Risk Strategy
• Mitigate Fraud
• Expect the unexpected
• Types of crisis
• After the Crisis
• More ways to improve the effectiveness

Join this Auditing Webinar to gain valuable insights into the best practices for audit committees and how to implement them effectively.

Overview

• What makes an effective audit committee?

  4 mins
• Nomination of members

  14 mins
• Hierarchy and Independence

  24 mins
• Morality over policy

  41 mins
• Typical frauds relating to financial statements

  62 mins
• Freedom for IA

  77 mins
• Pieces of risk strategy

  94 mins
• Crisis team

  101 mins