Audit Committee Guide - Fourth Edition

Audit Committee Guide provides a brief description of the rules and regulations of the SEC, stock exchanges, stock markets and the accounting profession that affect the responsibilities, composition and activities of the audit committee.

This fourth edition includes coverage of various SEC and PCAOB rules, and AICPA standards adopted since publication of the third edition in February 2006, the most important of which relate to further implementation of internal control over financial reporting rules; auditor independence standards; communications with audit committees; disclosure of related person transactions; and the relocation of numerous SEC rules affecting audit committees, which was associated with significant amendments to the SEC's disclosure rules relating to executive compensation.

The guide also includes:

• An overview of rules and pronouncements for understanding and fulfilling the oversight responsibilities of an audit committee member
• Text of relevant rules and regulations of the SEC
• Text of relevant stock exchange and NASD rules
• Relevant accounting profession pronouncements
• Sample questions for audit committee members to ask in the performance of their responsibilities
• Discussion of the liability exposure of audit committee members
• Recent SEC regulations and pronouncements of which audit committee members should be aware

The rules and pronouncements of general applicability described in Audit Committee Guide form a backdrop for understanding and fulfilling the oversight responsibilities of an audit committee member.

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