New tools have been released subsequent to the initial publication of the AICPA Audit Committee Toolkit last year. The new checklists, questions, reports and guidelines are downloadable from the Audit Committee Effectiveness Center page in the Spotlight Area.

New tools are available for the following:

1. SOX Section 404: Responding to an Adverse Report – A Checklist for the Audit Committee. This tool will educate the audit committee about the internal control evaluation requirements and what steps to take if the company has received an adverse report.
2. Anonymous Submission of Suspected Wrongdoing (Whistleblowers) – Issues for Audit Committees to Consider. This tool will assist an audit committee in its evaluation of the entity’s whistle-blowing hotline.

In addition, a downloadable document written by the AICPA Antifraud Programs and Controls Task Force offers assistance to audit committees in addressing the risk of fraud through management override of internal control over financial reporting.

Separate toolkits are available for corporations, not-for-profit organizations and government. The Toolkits provide many guidelines for good corporate governance practices, whether or not an audit committee is part of the organization’s structure. All Toolkits are accessible at no charge.

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