Audit Committee Toolkit

Save time, empower your teams and effectively upgrade your processes with access to this practical Audit Committee Toolkit and guide. Address common challenges with best-practice templates, step-by-step work plans and maturity diagnostics for any Audit Committee related project.

Download the Toolkit and in Three Steps you will be guided from idea to implementation results.

The Toolkit contains the following practical and powerful enablers with new and updated Audit Committee specific requirements:

STEP 1: Get your bearings

Start with...


• The latest quick edition of the Audit Committee Self Assessment book in PDF containing 49 requirements to perform a quickscan, get an overview and share with stakeholders.


Organized in a data driven improvement cycle RDMAICS (Recognize, Define, Measure, Analyze, Improve, Control and Sustain), check the…


• Example pre-filled Self-Assessment Excel Dashboard to get familiar with results generation


Then find your goals...

STEP 2: Set concrete goals, tasks, dates and numbers you can track

Featuring 992 new and updated case-based questions, organized into seven core areas of process design, this Self-Assessment will help you identify areas in which Audit Committee improvements can be made.

Examples; 10 of the 992 standard requirements:


1. What specific procedures and protocols does the Audit Committee have in place to ensure that the company is complying with relevant financial institution regulations, such as the Bank Secrecy Act, anti-money laundering laws, and Consumer Financial Protection Bureau (CFPB) regulations, and how do these procedures and protocols get updated in response to changes in regulations?
   
   

2. How does the Audit Committee stay current with evolving regulatory requirements and industry standards, such as those set forth by the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board (PCAOB), and how does it assess the company's compliance with these requirements?
   
   

3. What steps does the Audit Committee take to ensure that the company's audit committee charter and other governing documents adequately address the oversight of derivatives and hedging instruments, and what steps does it take to ensure that the audit committee has the necessary resources and expertise to effectively oversee these instruments?
   
   

4. How does the Audit Committee review and assess the company's procedures for conducting anonymous surveys or other feedback mechanisms to gauge employee perceptions of the whistle-blower policy and identify areas for improvement, and what steps are taken to address any concerns or areas for improvement identified through these mechanisms?
   
   

5. What is the process by which the Audit Committee obtains assurance that the company's business continuity planning and disaster recovery planning are comprehensive, regularly updated, and aligned with industry best practices, and how does it assess the effectiveness of these plans in mitigating potential disruptions to the business?
   
   

6. What is the process by which the Audit Committee reviews and assesses the company's overall strategy for using derivatives and hedging instruments, including the risks and benefits associated with these instruments, and how does it ensure that such strategy is aligned with the company's overall risk management goals and objectives?
   
   

7. How does the Audit Committee engage with internal stakeholders, such as management, IT, and risk management teams, to obtain a comprehensive understanding of the company's business continuity and disaster recovery planning, and what steps does it take to ensure that these stakeholders are aligned and working together effectively?
   
   

8. How does the Audit Committee stay current with emerging trends and risks in the industry, such as changes in regulatory requirements, advancements in technology, and shifts in the competitive landscape, and what sources of information does it rely on to stay informed, such as industry reports, research studies, and conferences?
   
   

9. What specific data privacy and security regulations, such as the General Data Protection Regulation (GDPR) or the Health Insurance Portability and Accountability Act (HIPAA), has the Audit Committee identified as applicable to the company's operations, and how does it ensure that the company is complying with these regulations?
   
   

10. What processes are in place to monitor and evaluate the company's corporate governance practices against leading practices and benchmarking surveys, such as those conducted by the National Association of Corporate Directors (NACD) or the Society for Corporate Governance, and how are any gaps or areas for improvement addressed?
    
    


Complete the self assessment, on your own or with a team in a workshop setting. Use the workbook together with the self assessment requirements spreadsheet:


• The workbook is the latest in-depth complete edition of the Audit Committee book in PDF containing 992 requirements, which criteria correspond to the criteria in...


Your Audit Committee self-assessment dashboard which gives you your dynamically prioritized projects-ready tool and shows your organization exactly what to do next:


• The Self-Assessment Excel Dashboard; with the Audit Committee Self-Assessment and Scorecard you will develop a clear picture of which Audit Committee areas need attention, which requirements you should focus on and who will be responsible for them:
  
  


• Shows your organization instant insight in areas for improvement: Auto generates reports, radar chart for maturity assessment, insights per process and participant and bespoke, ready to use, RACI Matrix

• Gives you a professional Dashboard to guide and perform a thorough Audit Committee Self-Assessment

• Is secure: Ensures offline data protection of your Self-Assessment results

• Dynamically prioritized projects-ready RACI Matrix shows your organization exactly what to do next:



STEP 3: Implement, Track, follow up and revise strategy

The outcomes of STEP 2, the self assessment, are the inputs for STEP 3; Start and manage Audit Committee projects with the 62 implementation resources:


• 62 step-by-step Audit Committee Project Management Form Templates covering over 1500 Audit Committee project requirements and success criteria:


Examples; 10 of the check box criteria:


1. Decision Log: How consolidated and comprehensive a story can you tell by capturing currently available incident data in a central location and through a log of key decisions during an incident?
   
   

2. Variance Analysis: Are the actual costs used for variance analysis reconcilable with data from the accounting system?
   
   

3. Procurement Audit: Are there procedures governing how sales and use tax will be handled (ordering in state versus ordering out of state)?
   
   

4. Quality Management Plan: Contradictory information between document sections?
   
   

5. Quality Management Plan: Have you eliminated all duplicative tasks or manual efforts, where appropriate?
   
   

6. Team Member Performance Assessment: To what degree does the team possess adequate membership to achieve its ends?
   
   

7. Human Resource Management Plan: Has your organization readiness assessment been conducted?
   
   

8. Team Operating Agreement: Why does your organization want to participate in teaming?
   
   

9. Team Directory: Does a Audit Committee project team directory list all resources assigned to the Audit Committee project?
   
   

10. Procurement Management Plan: Is the assigned Audit Committee project manager a PMP (Certified Audit Committee project manager) and experienced?


 
Step-by-step and complete Audit Committee Project Management Forms and Templates including check box criteria and templates.

1.0 Initiating Process Group:


• 1.1 Audit Committee project Charter

• 1.2 Stakeholder Register

• 1.3 Stakeholder Analysis Matrix


2.0 Planning Process Group:


• 2.1 Audit Committee project Management Plan

• 2.2 Scope Management Plan

• 2.3 Requirements Management Plan

• 2.4 Requirements Documentation

• 2.5 Requirements Traceability Matrix

• 2.6 Audit Committee project Scope Statement

• 2.7 Assumption and Constraint Log

• 2.8 Work Breakdown Structure

• 2.9 WBS Dictionary

• 2.10 Schedule Management Plan

• 2.11 Activity List

• 2.12 Activity Attributes

• 2.13 Milestone List

• 2.14 Network Diagram

• 2.15 Activity Resource Requirements

• 2.16 Resource Breakdown Structure

• 2.17 Activity Duration Estimates

• 2.18 Duration Estimating Worksheet

• 2.19 Audit Committee project Schedule

• 2.20 Cost Management Plan

• 2.21 Activity Cost Estimates

• 2.22 Cost Estimating Worksheet

• 2.23 Cost Baseline

• 2.24 Quality Management Plan

• 2.25 Quality Metrics

• 2.26 Process Improvement Plan

• 2.27 Responsibility Assignment Matrix

• 2.28 Roles and Responsibilities

• 2.29 Human Resource Management Plan

• 2.30 Communications Management Plan

• 2.31 Risk Management Plan

• 2.32 Risk Register

• 2.33 Probability and Impact Assessment

• 2.34 Probability and Impact Matrix

• 2.35 Risk Data Sheet

• 2.36 Procurement Management Plan

• 2.37 Source Selection Criteria

• 2.38 Stakeholder Management Plan

• 2.39 Change Management Plan


3.0 Executing Process Group:


• 3.1 Team Member Status Report

• 3.2 Change Request

• 3.3 Change Log

• 3.4 Decision Log

• 3.5 Quality Audit

• 3.6 Team Directory

• 3.7 Team Operating Agreement

• 3.8 Team Performance Assessment

• 3.9 Team Member Performance Assessment

• 3.10 Issue Log


4.0 Monitoring and Controlling Process Group:


• 4.1 Audit Committee project Performance Report

• 4.2 Variance Analysis

• 4.3 Earned Value Status

• 4.4 Risk Audit

• 4.5 Contractor Status Report

• 4.6 Formal Acceptance


5.0 Closing Process Group:


• 5.1 Procurement Audit

• 5.2 Contract Close-Out

• 5.3 Audit Committee project or Phase Close-Out

• 5.4 Lessons Learned


Results

With this Three Step process you will have all the tools you need for any Audit Committee project with this in-depth Audit Committee Toolkit.

In using the Toolkit you will be better able to:


• Diagnose Audit Committee projects, initiatives, organizations, businesses and processes using accepted diagnostic standards and practices

• Implement evidence-based best practice strategies aligned with overall goals

• Integrate recent advances in Audit Committee and put process design strategies into practice according to best practice guidelines


Defining, designing, creating, and implementing a process to solve a business challenge or meet a business objective is the most valuable role; In EVERY company, organization and department.

Unless you are talking a one-time, single-use project within a business, there should be a process. Whether that process is managed and implemented by humans, AI, or a combination of the two, it needs to be designed by someone with a complex enough perspective to ask the right questions. Someone capable of asking the right questions and step back and say, 'What are we really trying to accomplish here? And is there a different way to look at it?'

This Toolkit empowers people to do just that - whether their title is entrepreneur, manager, consultant, (Vice-)President, CxO etc... - they are the people who rule the future. They are the person who asks the right questions to make Audit Committee investments work better.

This Audit Committee All-Inclusive Toolkit enables You to be that person.

Includes lifetime updates

Every self assessment comes with Lifetime Updates and Lifetime Free Updated Books. Lifetime Updates is an industry-first feature which allows you to receive verified self assessment updates, ensuring you always have the most accurate information at your fingertips.