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An audit committee can be an effective antifraud mechanism. But itâ€™s not enough for audit committee board members to simply review financial statements and audit results â€” it takes a far more proactive approach to prevent or in some cases catch a thief.
Audit committees have gained prominence since the 2008 financial crisis. Over the last decade, several best practices have emerged. Among other things, todayâ€™s audit committees typically:
Audit committee members have a fiduciary duty to protect stakeholders and lenders from fraudÂ and the requirements differ regarding privately held and publicly traded entities. Forensic accounting experts can help board members follow best practices and stay on top of fraud trends and compliance requirements. Such outside expertise can prove invaluable should a company find itself facing fraud allegations. If you would like assistance in developing a best practice plan for your audit committee or you suspect fraud in your organization, Doeren Mayhew has a team of CPAs, auditors and Certified Fraud Examiners ready to help. Contact us today.
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