The connection between the audit committee and the internal auditors has grown more important in light of recent accounting reform. Audit committees should have an understanding of internal controls around financial reporting and a basis for evaluating the work of the internal audit team. This section provides an introduction to those subjects, along with access to the relevant resources of the AICPA Sarbanes-Oxley Act/PCAOB Implementation Central.

Internal Control: A Tool for the Audit Committee
From The AICPA Audit Committee Toolkit
An organization's internal control structure is at the heart of its processes and controls. The audit committee, with responsibility for the organization's internal controls over financial reporting, needs to understand the concepts of internal control in order to be effective with this charge. This section provides basic information about internal control, including what it is and is not, how it can be used most effectively in an organization and management's responsibilities. It includes a list of possible questions for audit committees to consider based on the five interrelated components of an internal control structure.  Learn More>>

Evaluating the Internal Audit Team: Guidelines and Questions
From The AICPA Audit Committee Toolkit
A developing best practice is for the chief audit executive to report directly to the audit committee. In such cases, the committee should have a means to evaluate the performance of the CAE. The sample questions in this section provide a starting point for judging the performance and effectiveness of an organization's CAE and the internal audit team.  Learn More>>

The Audit Committee's Roadmap
From The Journal of Accountancy
Currently, audit committee charters are required of most public companies. However, this was not always the case, and in the early days, audit committee charters really varied in quality. This article summarizes the findings of important reports on corporate governance and discusses issues to be considered in creating an audit committee charter. A sample audit committee charter is included.  Learn More>>

Sarbanes-Oxley Act/PCAOB Implementation Central
From aicpa.org
This resource center and information clearinghouse offers an array of information on everything from the events leading up to the historical Sarbanes-Oxley Act of 2002, to CPE material, to links to pertinent information on the SEC, PCAOB and GAO websites, among others. The site is a valuable resource to any member of the financial community that is needs to be informed about financial reporting and regulatory topics.  Learn More>>