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Preface.Acknowledgments.PART ONE: GETTING ACQUAINTED WITH YOURRESPONSIBILITIES.1. Corporate Accountability: The New Environment.The Natureand Importance of Corporate Accountability.Recent Developments in CorporateAccountability.Corporate Accountability and the Audit Committee.Sources andSuggested Readings.2. Audit Committees: Basic Roles andResponsibilities.Organization of the Audit Committee.The Audit CommitteeFunctions.The External and Internal Auditing Process.Sources and SuggestedReadings.3. The External Users of Accounting Information.Introduction.TheInvestors.Credit Grantors.Regulatory Agencies.Other OutsideConstituencies.Important Developments in Business Reporting and AssuranceServices.Sources and Suggested Readings.4. The Legal Position of the AuditCommittee.General Legal Responsibilities.Legal Cases Involving the AuditCommittee.Guidelines for Minimizing Legal Liability.Sources and SuggestedReadings.5. Rules of the Road-Auditing and Related Accounting Standards.AnOverview of Generally Accepted Auditing Standards.An Analysis of the AuditingStandards.Integration of Auditing and Related AccountingStandards.Attestation Engagements.International Auditing Standards.Sourcesand Suggested Readings.PART TWO: THE PLANNING FUNCTION OF THE AUDITCOMMITTEE.6. An Overview of Audit Planning.Meaning of Audit Planning.Analysisof Audit Planning and the Committee.Benefits of Audit Planning.Components ofthe Corporate Audit Plan.Sources and Suggested Readings.7. Audit Committees'Role in Planning the Audit.The Committee's Planning Function.Developing anIntegrated Planning Approach.Recommending the Appointment of the IndependentAuditors.Sources and Suggested Readings.PART THREE: THE MONITORING ANDREVIEWING FUNCTIONS OF THE AUDIT COMMITTEE.8. Monitoring the System ofInternal Control.Meaning of Internal Control.Responsibility for the System ofInternal Control.The Role of the Audit Committee.Sources and SuggestedReadings.9. Monitoring the Internal Audit Function.Purpose and Need forMonitoring the Internal Audit Function.Reviewing the Organization of theCorporate Audit Staff.Appraising the Quality of the Auditing Staff.Sourcesand Suggested Readings.10. Reviewing Accounting Policy Disclosures.AuditCommittee's Review Objective.Accounting Policy Disclosures.Guidelines forReviewing Accounting Policy Disclosures.Sources and Suggested Readings.11. APerspective on Fraud and the Auditor.Meaning of Fraud in a FinancialStatement Audit.The External Auditor's Responsibility.Investigating KnownFraud.The Audit Committee's Oversight Approach to Fraud RiskAssessment.Sources and Suggested Readings.12. Reviewing Certain GeneralBusiness Practices.Questionable Foreign Payments.CorporatePerquisites.Corporate Contributions.Sources and Suggested Readings.PART FOUR:THE REPORTING FUNCTION AND THE AUDIT COMMITTEE.13. Independent Auditors'Reports.The Auditors' Reports on Audited Financial Statements.Other AuditingOpinions.Other Reports of the Auditors.Sources and Suggested Readings.14. TheAudit Committee's Report and Concluding Observations.Purpose of the AuditCommittee's Report.Guidelines for Preparing the Report.ConcludingObservations.Sources and Suggested Readings.APPENDIXES.A. Accounting,Auditing, and Attestation Standards Topical Index of References to AccountingPrinciples Board, Financial Accounting Standards Board, Statement on AuditingStandards, Statement on Standards for Attestation Engagements, and AccountingStandards Executive Committee Pronouncements as of June 30, 2003.B.Professional Accounting Associations, Business Organizations, Boards,Commissions, and Directors Publications.Appendixes C-J are available on TheAudit Committee Handbook website at www.wiley.com/go/auditcommittee.INDEX.