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June 2008 |  BY Arnold H. Schanfield, Dan Helming |  Article

We are offering additional commentary on the article titled “Rising Expectations Audit Committee Oversight of Enterprise Risk Management” (April 08, page 44). I am an internal audit director and parttime NYU faculty member running an ERM consulting business in New Jersey, together with another practitioner and colleague in New York.

December 2007 |  BY Mary Ellen Oliverio |  Article

The authors of “ Eight Habits of Highly Effective Audit Committees” (Sept. 07, page 46) have identified relevant recommendations. However, these recommendations are for an audit committee that is a new body in the governance of a company or one in a company where formerly the audit committee merely listened to the CEO and hastily determined that “all is fine,” as seemed to be the style at Enron, for example.

September 2007 |  Article

A survey of 282 audit committee members—sponsored by KPMG’s Audit Committee Institute (ACI) and the National Association of Corporate Directors—reveals that while oversight of accounting judgments and estimates and SOX 404 compliance remain the top priorities of audit committees, the panels are increasingly focused on information technology risks.

September 2007 |  BY John F. Morrow, Joan Pastor |  Article

EXECUTIVE SUMMARY To ensure that your committee is up to its mission, you must first define the mission by drafting a strong charter that identifies audit committee functions, authority and responsibilities, along with the skills and experience its members must possess. Success is not automatic.

July 2006 |  BY Larry E. Rittenberg, Richard J. Anderson |  Article

EXECUTIVE SUMMARY Many companies are raising the expectations for their chief audit executives (CAEs) to include operating at more strategic levels of risk management and corporate governance. Successful CAEs must partner effectively with the audit committee and other members of the senior management team to achieve their objectives.

June 2006 |  BY Richard S. Savich |  Article

EXECUTIVE SUMMARY Private companies and charities aren’t required to comply with the SarbanesOxley Act. But they can adopt some of its requirements as best practices. Cherrypicking the provisions that will help them the most means they can get maximum benefit at minimum cost. Among the private entities that might want to voluntarily adopt the provisions of SarbanesOxley are companies planning an IPO and those that might merge with or be acquired by a public company within the next two or three years.

March 2006 |  BY James C. Metzler |  Article

The Institute’s vicepresident for small firm interests describes AICPA programs for small firms and their small business clients. mall businesses—the fastestgrowing sector of the U.S. economy—rely on their CPAs for business advice, making them a core practice area for many practitioners. In recognition of this important relationship, the AICPA provides specialized resources, advocacy and other services aimed at keeping this connection solid.” THE PCPS FIRM PRACTICE CENTER This dynamic, new online resource provided by the Private Companies Practice Section (PCPS) offers free tools and information to help AICPA members strengthen their practices and better

March 2006 |  BY John W. Green |  Article

EXECUTIVE SUMMARY In 2005 about 3,700 largecap ($75 million or more) companies underwent the first wave of SarbanesOxley section 404 audits. Here, a firm experienced with SarbanesOxley section 404 audits for accelerated filers shares its best practices to help with compliance for nonaccelerated filers (companies with market capitalization under $75 million), which must begin filing audit reports for fiscal years ending after July 15, 2007.

October 2005 |  BY Randolph P. Johnston |  Article

Imagine you’re a CPA from 100 years ago who’s just been zapped into 2005. Would you understand even half of the technology the profession now uses to conduct business? Probably not. But that’s just a fantasy, you might say. Well, think again. Today’s lightningquick rate of technological innovation could turn you into a dinosaur in no time.

October 2005 |  BY Charles A. Horstmann |  Article

Convergence of international financial reporting standards has received enormous attention over the last decade and particularly over the last few years. Earlier this year, the leaders of the International Accounting Standards Board and the Financial Accounting Standards Board and key regulators from the European Commission and the SEC agreed on a road map and timetable.