Audit Committee Guide for FS Companies

Audit Committee Guide forState and Local Government UnitsPublic Sector PracticeTake it tothe Max.800 Liberty Building | Buffalo, NY 14202 | ph: 716.847.2651 | fax: 716.847.0069 | freedmaxick.com1 Introduction 12 Executive summary 23 Historical and regulatory perspectives 34 The audit committee charter 45 Audit committee responsibilities 56 Understanding the overall control environment and risk management systems 67 Budget and financing considerations 108Understanding and overseeing the financial reporting process129Understanding and overseeing the compliance reporting proces1410Understanding and overseeing the audit proces1511Selection of an independent audit firm1812Considering the requirements of the Sarbanes-Oxley Act of 20021913Resources for the audit committee2114Freed Maxick & Battaglia can help 23 AppendicesI Audit committee charter 25II Items to consider in planning the audit committee agenda 30III An illustration of a report of the audit committee 33IV Example questions for audit committee members 34V Questionnaire for assessing the audit committee effectiveness 38Bibliography and further reading 43 Freed Maxick & Battaglia, CPAs 800 Liberty Building Buffalo, NY 14202 716-847-2651 www.freedmaxick.com Freed Maxick’s Governmental Services Group is comprised of professionals who understand the unique environment in which ...