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- Title
A Risk-Based Approach to Achieving Audit Committee Effectiveness.
- Authors
Thibodeau, Jay C.; Packwood, Thomas R.
- Abstract
The article describes an approach that lets audit committee members to comprehensively assess the risks facing the company and that may affect the external financial reporting process via a risk management dashboard. It cites the risk assessment and management system developed by U.S.B. Holding Co. Inc. Several notable process improvements that emerged after implementing the system include oversight of the internal audit department by the audit committee, and a risk report providing concrete evidence to external auditors of a strong entity-level control.
- Subjects
AUDIT committees; RISK assessment; FINANCIAL statements; RISK management in business; USB Holding Co. Inc.
- Publication
Bank Accounting & Finance (08943958), 2007, Vol 21, Issue 1, p39
- ISSN
0894-3958
- Publication type
Article