AICPA Audit Committee Tool Kit
AICPA Audit Committee Tool Kit
AICPA Audit Committee Tool Kit
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The New <strong>AICPA</strong> Government<br />
<strong>Audit</strong> <strong>Committee</strong> <strong>Tool</strong><strong>Kit</strong> –<br />
Best Practices for <strong>Audit</strong><br />
<strong>Committee</strong>s and why ALL Entities<br />
(not just ‘37 Act plans) should have<br />
them
<strong>AICPA</strong> <strong>Audit</strong> <strong>Committee</strong> <strong>Tool</strong> <strong>Kit</strong><br />
• Designed For<br />
– All Governmental Organizations<br />
– Executive Leadership<br />
– Chief Operational Personnel<br />
– External and Internal <strong>Audit</strong>ors<br />
• 4 Sections<br />
– General Considerations<br />
– Management and the Organization<br />
– Internal Controls and Internal <strong>Audit</strong><br />
– External <strong>Audit</strong>ors and Resources
Key Point<br />
<strong>Audit</strong> committees should lead the charge<br />
in enhancing internal controls. They<br />
should push management for a fraud<br />
control program and set the tone for the<br />
government in combating fraud, waste,<br />
and abuse.
General Considerations<br />
• <strong>Audit</strong> <strong>Committee</strong> Charter Matrix<br />
• <strong>Audit</strong> <strong>Committee</strong> Member Roles and<br />
Responsibilities<br />
• <strong>Audit</strong> <strong>Committee</strong> Financial and Other<br />
Experience Considerations<br />
• Enterprise Risk Management—The COSO<br />
Framework: A Primer and <strong>Tool</strong> for the <strong>Audit</strong><br />
<strong>Committee</strong><br />
• Conducting an <strong>Audit</strong> <strong>Committee</strong> Executive<br />
Session: Guidelines and Questions<br />
• Conducting an <strong>Audit</strong> <strong>Committee</strong> Self-<br />
Evaluation: Guidelines and Questions
Management and Organization of<br />
an <strong>Audit</strong> <strong>Committee</strong><br />
• Independence and Conflicts of Interest<br />
• Management’s Summary of Unique<br />
Transactions, Risks, and Financial<br />
Reporting, and Financial Relationships<br />
• Significant Issues, Estimates, and<br />
Judgments: Management’s Report to the<br />
<strong>Audit</strong> <strong>Committee</strong>
Internal Control and Internal <strong>Audit</strong><br />
• Internal Control <strong>Tool</strong>s for the <strong>Committee</strong><br />
• Fraud and Responsibilities of the <strong>Audit</strong><br />
<strong>Committee</strong><br />
• Anonymous Submission of Suspected<br />
Wrongdoing (Whistle-Blowers): Issues for<br />
Government <strong>Audit</strong> <strong>Committee</strong>s to Consider and<br />
Sample Whistle-Blower Tracking Report<br />
• Guidelines for Hiring the Chief <strong>Audit</strong> Executive<br />
• Evaluating the Internal <strong>Audit</strong> Team: Guidelines<br />
and Questions<br />
• Monitoring the Internal <strong>Audit</strong>or: An Overview of<br />
the Peer Review Process for Internal <strong>Audit</strong>
External <strong>Audit</strong>ors and Resources<br />
• Guidance for Developing a Request for<br />
Proposal Letter for CPA Services<br />
• Evaluating the <strong>Audit</strong>or’s Engagement<br />
Letter: Questions to Consider<br />
• Discussions to Expect From the External<br />
<strong>Audit</strong>ors<br />
• Evaluating External <strong>Audit</strong>ors<br />
• The Importance of Peer Review<br />
• Points to Consider When Engaging<br />
External Experts and Advisers
Ordering the Guide<br />
• Available from<br />
<strong>AICPA</strong><br />
http://www.cpa2biz.com<br />
– Paperback or<br />
ONLINE - $31.25<br />
– <strong>AICPA</strong> member $25<br />
– Can order through<br />
Brown Armstrong at<br />
a very special price –<br />
Just email me!
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