The board of directors and audit committee guide to fiduciary responsibilities : ten critical steps to protecting yourself and your organization

You took the highly coveted position on the board or audit committee--now it's time to figure out what you're doing. And with SEC scrutiny at an all-time high, there is little room for growing pains. Boards and audit committees can now be held liable for acts of fraud and other corporate malfeasance even if they had no knowledge of wrongdoing in the organization.But relax! This comprehensive and practical guide greatly simplifies complex corporate governance standards, while mitigating the risks involved in the arduous work and increasing dramatically the positive effect over the enterprise that motivated you to take the position you did. Inside these essential pages, discover 10 crucial steps every governing body should take, including:• Cultivate independence • Build a balanced team • Address stakeholder concerns • Approach risk proactively • Spearhead fraud deterrence initiatives • And moreYou should be commended for taking on the duties you have, not intimidated. With this invaluable resource by your side, you can learn how best to satisfy the requirements of board service while also protecting yourself, the other board members, and the organization you have committed to lead to success. More than three million people serve on boards and audit committees in the U.S. alone. But huge risks come with these coveted jobs. SEC scrutiny is at an all-time high, with boards and audit committees now held liable to for acts of fraud and other corporate malfeasance-even if they had no knowledge of wrong-doing in the organization. This essential guide mitigates the risks and dramatically increases the effectiveness of boards and audit committees by uncovering 10 crucial steps every governing body should take, including: • Cultivate independence • Build a balanced team • Leverage independent advisors • Address stakeholder concerns • Direct the external audit • Approach risk proactively • Spearhead fraud deterrence initiatives • Promote accountability • And more Comprehensive and practical, this book simplifies complex corporate governance standards, and helps readers satisfy the requirements of board service while protecting themselves and the organization Nominate Independent Directors -- Establish A Culture Of Action -- Evaluate The Audit Committee -- Direct The External Audit -- Scrutinize The Financial Statements -- Leverage Internal Audit And Outside Resources -- Satisfy Regulators And Other Stakeholders -- Address Risk Proactively -- Spearhead Fraud-deterrence Initiatives -- Expect The Unexpected. Sheila Moran, Cpa, Cfa; And Ronald Kral, Cpa, Cma. Includes Bibliographical References (pages 213-222) And Index. A place on the board of directors is a coveted, meritorious, yet highly challenging position. Learn how to minimize the risks and dramatically increase the board's effectiveness. Millions of board and audit committee members are vulnerable to personal liability claims-and don't even know it