Leading Practices for Audit Committees Outlined in New Book

NEW YORK, July 8, 2011 /PRNewswire/ -- In a new book authored by PwC US and published by The Institute of Internal Auditors (IIA) Research Foundation, audit committee members, financial reporting experts, governance specialists, and internal audit directors share insights on the financial reporting environment and how audit committees are responding. The fourth edition of Audit Committee Effectiveness: What Works Best helps audit committees respond to the increased focus on both the role of the audit committee and the information companies disclose.

(Logo: http://photos.prnewswire.com/prnh/20100917/NY66894LOGO)

"People expect more from audit committees today," said Catherine Bromilow, partner in PwC's Center for Board Governance and co-author of the book. "Following the economic crisis that started in 2008, audit committees' role in ensuring accurate and transparent disclosure is more difficult and challenging than ever, and we hope this book will help them be more effective in their performance."

Topics addressed in the book include:

• Increasing financial reporting and disclosure requirements
• Defining risk responsibility and internal control
• Encouraging compliance through company culture
• Audit committee oversight of management and internal audit
• Selecting external auditors
• What to do when things go wrong
• Bringing together the right audit committee skills and experience
• Making committee meetings engaging
• Supporting the committee through its charter, evaluations, resources and training

"We're excited to have worked with PwC on this guide for audit committees at a time when scrutiny of public companies is escalating to a new level," IIA President and CEO, Richard Chambers said. "This practical guide will help audit committees better understand the impact of new regulations like those proposed in the Dodd-Frank Wall Street Reform and Consumer Protection Act, new technologies like cloud computing, and evolving issues like incentive compensation and how to prevent financial reporting fraud."

Audit Committee Effectiveness: What Works Best is available in the IIA Research Foundation's bookstore.

About PwC's Center for Board Governance

PwC's Center for Board Governance is a leading resource to enable directors to more effectively meet the challenges of their critical role.  By promoting leading governance practices the Center promotes excellence in the boardroom and is dedicated to better enabling boards and audit committees to perform their important roles.  To provide timely updates to board members, the Center publishes the Annual Corporate Directors Survey, annual Current Development for Directors, quarterly To the Point, quarterly BoardroomDirect, and offers forums for directors to discuss current issues.

For more information, please visit http://www.pwc.com/US/CenterForBoardGovernance.

About the PwC Network

PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients.  More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information. 

© 2011 PwC. All rights reserved. "PwC" and "PwC US" refer to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate and independent legal entity.

About The IIA and The IIA Research Foundation

Celebrating its 70th year, The IIA was founded in 1941. With 170,000 members in 165 countries, The Institute of Internal Auditors (IIA) is an international professional association with global headquarters in Altamonte Springs, Fla., USA. The IIA is the internal audit profession's global voice, recognized authority, acknowledged leader, chief advocate, and principal educator. The IIARF was founded in 1976 by The IIA. The IIARF expands knowledge and understanding of internal auditing by providing relevant research and educational products to advance the profession globally.

© 2010 PwC. All rights reserved. "PwC" and "PwC US" refer to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate and independent legal entity.

SOURCE PwC US