public-sector-audit-committee-webinar

Public Sector Audit CommitteesPresented by: Dennis W. Yockey, PartnerDate: January 19, 2011Participant Applicability • This presentation should be of value to the following– Governmental entities with existing audit committees– Governmental entities contemplating formation of an audit committee– Governmental entities with committees functioning, in part, as an audit committee– Non-governmental entities seeking to learn more about best practices of an audit committee2Objectives of Presentation• Objectives include addressing the following questions– Why have an audit committee?– Who should be responsible for the formation of an audit committee?– What type of structure should an audit committee have?– What should the role of an audit committee be?3Why Have An Audit Committee• Constituents of public sector entities are becoming increasinglyinterested in government’s Governance Transparency Accountability Efficiency4Why Have An Audit Committee• Oversight bodies have recognized the role of audit committees• Statement on Auditing Standards No. 114, The Auditor’s Communication With Those Charged With Governance (December 2006)• Government Accountability Office’s Government Auditing Standards(July 2007 Revision)• Sarbanes-Oxley Act of 2002• 1999 Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees5Why Have An Audit Committee• SAS 114 Those charged with governance- “For entities with a board of directors, ...