"You need to be aware of what others are doing, applaud their efforts, acknowledge their successes, and encourage them in their pursuits. When we all help one another, everybody wins."; — Jim Stovall.
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Do you need to establish an internal audit function?
- the following column is my personal view on how to do so and
- includes numerous resources (to assist your efforts).
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1. The Internal-Audit Function, From Step Zero
A robust internal audit function is worth building, because it can act as an independent adviser... and more...
www.complianceweek.com/index.cfm?fuseaction=article.viewArticle&article_ID=2868
2. The latest KPMG ACI goverance newsletter is also out (see below).
Enjoy.
Dan
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"Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction, and skillful execution; it presents the wise choice of many alternatives. " - W. Foster.
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www.securitybenchmark.com
http://finance.groups.yahoo.com/group/Dans_SECemails/
http://finance.groups.yahoo.com/group/Dans_CCCemails/
http://www.complianceweek.com/
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November 15, 2006
SEARCH ANALYSIS ARCHIVE PROFILE FEEDBACK
FINANCIAL REPORTING ISSUES
SEC Chairman Cox on Sarbanes-Oxley Relief; Feedback on 'Big Six' Proposal
Reaction is mixed to the top accounting firms' plan for real-time reporting and regular forensic audits.
The Internal-Audit Function, From Step Zero
COMPLIANCE WEEKA robust internal-audit function is worth building, because it can act as an independent adviser.
SURVEYS AND TRENDS
The New Dynamics of Auditor Selection
A CFO's involvement in hiring external auditors varies, based on audit committee involvement.
Who's Chairing Today's Audit Committees?
CORPORATE BOARD MEMBEROf nearly 5,000 audit committee chairs, 16 percent are company presidents and 12 percent are CEOs.
Report: More Corporate Boards Involved in Ethics Programs
CONFERENCE BOARDNearly all board members say they're involved in their company's ethics program.
SHAREHOLDER ISSUES & NEWS
Sarbanes-Oxley Likely to Stand With Democrats
INVESTOR'S BUSINESS DAILYCalls to revamp S-O will probably stall in a Democrat-led Congress.
Majority Voting for Directors
MONDAQ BUSINESS BRIEFING [LEXISNEXIS]Majority voting in director elections gains momentum.
Cox: More Backdating Charges to Come
CFO.COM [LEXISNEXIS]The SEC regulator may soon charge more companies with stock-options backdating.
COMMENTARY AND PERSPECTIVES
Breaking Past the Knowledge Barrier
Many directors are not privvy to the intellectual capital available to them.
Law Professor Analysis Shows Increased SEC Scrutiny of Board Members
US STATES NEWS [LEXISNEXIS]A University of Iowa professor says independent board members will have to become active monitors.
KPMG ANALYSIS
Audit Committee Institute Focus
The Antidote for High CFO Turnover? A Solid Partnership With the Audit Committee
NOVEMBER 2006
Audit committees can play a major part in minimizing CFO turnover.
Inter-Committee Communications and Coordination Key to Effective Oversight
NOVEMBER 2006
Audit committees must communicate with their board counterparts on how non-financial risks affect financial reporting.
Thought Leadership
Fraud Risk Management: Developing a Strategy for Prevention, Detection, and Response
NOVEMBER 2006
A new KPMG Forensic white paper provides an overview of fraud risk management fundamentals, identifies new regulatory mandates and spotlights effective key practices.
Annual Audit Committee Issues Conference
NOVEMBER 2006
This annual event, which will take place on Jan. 24, 2007 and Feb. 1, 2007 on the East and West coasts, provides audit committee members with an opportunity to spend a full day discussing common challenges related to financial reporting oversight and considering issues that likely will shape their agendas in the year ahead.
ACI Quick Poll
Role of the Audit Committee Chair
NOVEMBER 2006
How much more time is required for your audit committee chair to fulfill his/her responsibilities than is required by audit committee members who do not serve as chair?
Previous Survey Results
NOVEMBER 2006
Click on the link above to read results from previous ACI surveys.
ACI Round Table Registration
Understanding How It All Fits Together
NOVEMBER 2006
ACI's Fall 2006 Audit Committee Roundtable series, "Understanding How It All Fits Together," will be held during November and December 2006 in 30 cities throughout the United States. Click on the link above to register.
KPMG's Audit Committee Insights is sent only to individuals who request it. To change your e-mail preferences, the format of your message, or your e-mail address, please use the Profile link at the top of this message or go to the Profile page at http://www.kpmginsights.com/registration/login.asp. If you are interested in discontinuing your subscription to KPMG's Audit Committee Insights please reply to this e-mail with "Unsubscribe" as the subject.
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