Audit Committee Guidance Center

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The AUDIT COMMITTEE
- Knowledge and Guidance Center

Vonya Global is an international consulting firm specialized in internal audit, risk management, and corporate governance. The firm is focused on providing Knowledge Leadership in internal control and superior Client Service.

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Audit Committee Role & Responsibilities:
Internal Audit

Understand internal control

Understand internal control regulations

Have a means to evaluation internal audit

Defined and updated Audit Charter

External Audit

Have a means for evaluating performance

Have a process for selecting new auditors

Understand the responsibilities of the external audit

Have a defined system for communicating with the external auditor

Management

How to run executive sessions

Understand off-balance-sheet activities and questions to ask

Have a means for receiving significant news, estimates or judgments

How to respond to sensitive information, including whistleblowing

Regulation

Understand the reporting requirements to the SEC

Understand the Governance requirement of the NYSE and NASD

Understand the requirements of the Sarbanes-Oxley Act

Understand the guidance of the PCAOB

Training

Have a means of training new Committee Members

Have a means of training existing Committee Members

Have a means for improving the Audit Committee

The AUDIT COMMITTEE
- Knowledge and Guidance Center

The 2010 Proxy Season is upon us. Corporate Boards find themselves dealing with the repercussions of the recession while focusing on long-term shareholder value. As a board member you will need to thoroughly understand the trends and potential ramifications associated with executive compensation controls and disclosures, risk management roles and responsibilities, corporate governance structures, proxy access, proxy solicitation, and institutional shareholders.

The Final Report: Strategic Plan for Fraud Prevention and Fraud Detection - This report provides summary and an evaluation of the various plans to Prevent, Detect, and Deter Fraud in an organization.

The Final Report on the Strategic Role of Internal Audit - This report summarizes the capacity of Internal Audit to serve in a greater role in evaluating strategic risks to the organization.

Vonya Global - Serving the Audit Committe
This link takes you to the Vonya Global Audit Committee home page

Important External Sources:

The American Institute of Certified Public Accountants - http://www.aicpa.org/audcommctr/homepage.htm

National Association of Corporate Directors - http://www.nacdonline.org/

Association of Audit Committee Members - http://www.aacmi.org

The Institute of Internal Auditors - http://www.theiia.org

Shark Repellent - https://www.sharkrepellent.net/

Internal Audit Executive Placement Services
Vonya Global offers a "no fee" placement service for Internal Audit Executives. Whether you are looking for someone to start-up an Internal Audit function or take over a mature Internal Audit Department, we have access to leaders in the internal audit profession. Please contact Vonya Global to access our database of qualified and experienced Internal Audit Executives.

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