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The 2007-2009 global financial crisis eroded the public confidence in corporate governance and the financial reporting process. Restoring public confidence requires a significant coordinated effort, regulatory measures, and best practices by policymakers, regulators, business organizations, and the accounting profession.

One of the key provisions of these regulatory reforms, which seek to restore public confidence, is that a properly constituted and functioning audit committee can improve the quality of financial reporting by acting as an effective arbitrator in management and auditor disputes.

This course examines audit committee attributes as an integral part of corporate governance to improve quality, reliability, and transparency of financial reports as well as credibility and effectiveness of the related audit functions.

The effectiveness of the audit committee depends on the quality, timeliness, and reliability of information it received from management, internal auditors, legal counsel, and external auditors regarding financial, internal control, risk, legal, and auditing issues. This course presents the roles, responsibilities, structure, composition, qualification, authority, resources, and other attributes of the audit committee in accordance with the most recent regulatory requirements and best practices.

Please join Dr. Zabihollah (Zabi) Rezaee, noted teacher, industry consultant, and author, as he offers guidance on understanding the requirements for and best practices of effective audit committees. 

Course Series

This course is included in the following series:

3 CoursesCorporate Governance

  1. Corporate Governance: Responsibilities of Corporate Gate Keepers
  2. Audit Committee Effectiveness in the Aftermath of 2007 - 2009 Global Financial Crisis
  3. Preventing and Detecting Financial Reporting Fraud

Learning Objectives

  • Explore the status of Corporate Governance and the Audit Committee
  • Explore Audit Committee Derivers, Roles, and Functions
  • Discover the Audit Committee’s Authority, Structure, Diligence, Resources, Compensation, Qualification, Independence, Financial Expertise, Charter, Meetings, Agenda, Legal Liability, and need for continuous improvement
  • Explore the Corporate Governance Oversight Function of Audit Committees.
  • Identify Financial Reporting Oversight and Internal Control Functions of Audit Committees
  • Recognize the Internal and External Auditing Oversight Function of Audit Committees
  • Explore the Risk Assessment, Ethics, Whistle-Blowing, and Anti-Fraud Oversight Functions of Audit Committees.
  • Explore Audit Committees in Private Companies and Not-for-Profit Organizations
Last updated/reviewed: May 14, 2018

4 Reviews (10 ratings)Reviews

5
Member's Profile
Well-organized. I'm surprised at how much I don't know about the audit committee. Good course for anyone teaching in this area.
3
Member's Profile
Great review on the role of an effective audit committee.
5
Anonymous Author
Very comprehensive and extremely thorough.
4
Anonymous Author
Good presentation.

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course, but completion of the other courses in this series will be helpful.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
The Audit Committee
  13:45Defining Audit Committee and Its Relevance
  11:09Audit Committee Interaction and Composition
  15:41Audit Committee Effectiveness
Oversight and Responsibilities
  13:07Audit Committee Oversight and Responsibilities
  13:29Audit Committee Oversight and Responsibilities (Continued)
  16:28More on Oversight Functions...
Best Practices and Issues
  10:59Emerging Issues of Audit Committees
  9:12Best Practices of Audit Committees
CONCLUSION
  9:34Audit Committees for Private and Not for Profit Organizations
Continuous Play
  1:54:46Audit Committee Effectiveness in The Aftermath of 2007-2009
SUPPORTING MATERIALS
  PDFSlides: Audit Committee Effectiveness in the Aftermath of 2007 - 2009 Global Financial Crisis
  PDFAudit Committee Effectiveness in the Aftermath of 2007 - 2009 Global Financial Crisis Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM