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Audit Committees: Regulation and Practice, Second Edition

This is the only complete, all-in-one guide to complying with every aspect of the new SEC rules and stock exchange listing requirements.

To help companies comply with the new recently enacted requirements, the authors have compiled Audit Committees: Regulation and Practice as a working reference on audit committees for everyday use by corporate audit committee members, directors, general counsel, outside counsel and legal scholars specializing in this area of corporate governance, among others.

The completely new, second edition includes all of the materials you need to consult in order to create, maintain, advise and/or serve on a well-functioning audit committee, including:

Relevant provisions of SOXA
Newly adopted SEC rules and regulations impacting audit committee independence, duties, powers and disclosures
Proposed listing standards of the New York Stock Exchange, Nasdaq and the American Stock Exchange relating to audit committee composition, responsibilities and functions

Audit Committees: Regulation and Practice also contains an illustrative selection of best practices for audit committee chairs and members. For the convenience of the reader, the authors have included an index that is designed to identify the location of information by subject matter that may not be readily apparent from the Table of Contents.

Features and Benefits

Audit Committees: Regulation and Practice arms the reader with straightforward, practical guidance from corporate governance experts. At every phase of structuring audit committees...from identifying initial issues of audit committee composition...through ongoing considerations of required disclosure and changing audit committee members...to understanding potential liability and avoiding enforcement actions...the reader gains a better understanding of how the new regulations affect:Committee size

Independence of committee members
Financial literacy
Audit committee charter provisions
Communications with outside auditors
Independence of accountants and auditors
Pre-approval of audit and non-audit services
Potential liabilities
All audit committee reporting and disclosure requirements

Table Of Contents

Introduction Special Note: The Role of The Audit Committee in Corporate Governance

An Overview Of The New Audit Committee Standards
New Sec Regulations Affecting Audit Committees
Auditor Independence and Accounting Issues
Other Sarbanes-Oxley Provisions Affecting Audit Committees
New Listing Standards of the Self-Regulatory Organizations Affecting Audit Committees
Transitional Periods for New Regulations
The Audit Committee Charter
Sample Proxy Statements Disclosure Regarding the Audit Committee
Other Sample Audit Committee-Related Items
Auditor Committee Self-Assessment Guides
Sample Audit Committee Calendar
Financial Reporting "Red Flags" and Key Risk Factors
Sample Questions For Audit Committees
Selected Articles on New Audit Committee Regulations
Appendix A: The Sarbanes-Oxley Act Of 2002
Appendix B: Deloitte & Touche LLP, Audit Committees Resource Guide; Deloitte & Touche LLP, Public Sector Audit Committees Resource Guide
Appendix C: Ernst & Young Audit Committee Library
Appendix D: PricewaterhouseCoopers LLP, Current Developments For Audit Committees 2003
Index