The Audit Committee Handbook / Edition 5

Hardcover (Print)
Buy New
Buy New from
Buy Used
Buy Used from
(Save 41%)
Item is in good condition but packaging may have signs of shelf wear/aging or torn packaging.
Condition: Used – Good details
Used and New from Other Sellers
Used and New from Other Sellers
from $45.75
Usually ships in 1-2 business days
(Save 56%)
Other sellers (Hardcover)
  • All (12) from $45.75   
  • New (8) from $59.99   
  • Used (4) from $45.75   


The classic handbook to audit committee responsibilities-completely updated to cover the latest guidance with practical insights on the new functions of the audit committee.

Now containing the newest regulatory guidance impacting audit committees, including new chapters on audit oversight and updated discussions on fraud risk, the Fifth Edition helps your audit committee plan its agenda and achieve its mission in corporate governance.

The Audit Committee Handbook, Fifth Edition guides you to:

Understand the role and responsibilities of the audit committee with a general update and reality check on auditing cycle activities

Identify the developments that impact audit committee practices and the most current techniques and strategies for committee meetings

Develop a repertoire of effective strategies to help the board of directors discharge its fiduciary responsibility to shareholders

Prepare a periodic assessment of professional development activities and an informed review of both audit processes and financial reporting processes

A must-have for all audit committee members, board directors, corporate secretaries, CEO, CFOs, and auditors involved in the accounting practices of their firms, The Audit Committee Handbook, Fifth Edition is the most authoritative work on audit committees in the marketplace.

Read More Show Less

Product Details

  • ISBN-13: 9780470560488
  • Publisher: Wiley
  • Publication date: 3/22/2010
  • Edition number: 5
  • Pages: 400
  • Product dimensions: 6.40 (w) x 9.30 (h) x 1.50 (d)

Table of Contents

Preface xi

Part 1 Getting Acquainted with Your Responsibilities 1

1 Corporate Accountability: Focus on the Audit Committee 3

Appropriate Accounting Skills 4

Internal Control Oversight 5

Auditor Oversight 6

Audit Committee Resources 7

Transactional Economics 8

The Nature and Importance of Corporate Accountability 8

Developments in Corporate Accountability 12

Corporate Accountability and the Audit Committee 32

Conclusion 43

Sources and Suggested Readings 43

2 Audit Committees: Basic Roles and Responsibilities 46

Organization of the Audit Committee 47

The Audit Committee Functions 63

The External and Internal Auditing Process 82

Sources and Suggested Readings 94

3 The External Users of Financial Reporting Information 97

Introduction 97

he Investors 101

Credit Grantors 110

Regulatory Agencies 114

Other Outside Constituencies 121

Important Developments in Business Reporting and Assurance Services 122

Benchmarking 130

Sources and Suggested Readings 131

4 The Legal Environment of the Audit Committee 134

General Legal Responsibilities 139

Other Federal Provisions Related to Fraud 149

Lessons for the Audit Committee from Litigation 151

Guidelines for Minimizing Legal Liability 166

Sources and Suggested Readings 170

5 Rules of the Road: Financial Reports and Their Audits 172

An Overview of U.S. Generally Accepted Auditing Standards 174

An Analysis of the Auditing Standards 176

Integration of Auditing and Related Accounting Standards 179

Attestation Engagements 188

International Auditing Standards 195

Sources and Suggested Readings 198

Part 2 The Planning Function of the Audit Committee 201

6 Planning the External Audit 203

Financial Statement Assertions 205

The Relationship between Risk and the External Audit 206

The Engagement Team 211

Types of Audit Tests 211

Evaluating the External Audit Plan 215

Sources and Suggested Readings 217

Appendix 6A Qualitative Factors That May Influence the Determination of Materiality 219

Appendix 6B Example Audit Planning Schedule 221

7 Planning the Internal Audit 224

Components of the Internal Audit Plan 224

Enterprise Risk Management 227

Oversight and Reporting 228

Sources and Suggested Readings 229

Part 3 The Monitoring and Reviewing Functions of the Audit Committee 231

8 Monitoring the System of Internal Control 233

Definition and Basic Concepts 235

Responsibility for the System of Internal Control 238

Reporting Requirements 241

Audit Committee Expectations 245

Sources and Suggested Readings 246

9 Evaluating the Internal and External Audit Function 247

Selecting and Staffing an Internal Audit Function 247

Monitoring the Internal Audit Function 257

Selecting and Evaluating an External Auditor 261

Reporting by the External Auditor 266

Sources and Suggested Readings 267

10 Communications between Auditors and Audit Committees 269

Audit Committee's Review Objective 269

Accounting Policy Disclosures 272

Guidelines for Reviewing Accounting Policy Disclosures 275

Sourcesand Suggested Readings 278

11 A Perspective on Fraud and the Auditor 279

Meaning of Fraud in a Financial Statement Auditor 279

The External Auditor's Responsibility 289

The Internal Auditor's Responsibility 296

Investigating Known Fraud 297

The Audit Committee's Oversight Approach to Fraud Risk Assessment 299

Sources and Suggested Readings 304

12 The Audit Committee, Corporate Culture, and Tone at the Top 307

Questionable Foreign Payments 307

Corporate Perquisites and Executive Compensation 311

Executive Compensation 316

Corporate Contributions 317

Conclusion 321

Sources and Suggested Readings 324

Part 4 The Reporting Function and the Audit Committee 327

13 Independent Auditors' Reports 329

The Auditors' Reports on Audited Financial Statements 329

Other Auditing Opinions 334

Other Reports of the Auditors 338

Sources and Suggested Readings 345

14 The Audit Committee's Report and Concluding Observations 346

Purpose of the Audit Committee's Report 347

Guidelines for Preparing the Report 349

Concluding Observations 355

Sources and Suggested Readings 362

Appendix 363

Professional Accounting Associations, Business Organizations, Boards, Commissions, and Directors Publications 363

About the Authors 367

Index 371

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star


4 Star


3 Star


2 Star


1 Star


Your Rating:

Your Name: Create a Pen Name or

Barnes & Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation


  • - By submitting a review, you grant to Barnes & and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Terms of Use.
  • - Barnes & reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)