Audit Committee Matching System plan unveiled.The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). recently unveiled plans for an Audit Committee Matching System, to be launched later this year. The Committee will provide members an opportunity to serve on boards of directors, while offering a public service to businesses and nonprofit organizations Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. with a database of CPAs who meet the SEC's definition of an audit committee financial expert, which includes: * Understanding generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and financial statements; * An ability to assess the general application of such principles in the accounting for estimates, accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. and reserves; * Experience preparing, auditing, analyzing or evaluating financial statements, or experience supervising one or more persons engaged in such activities; * An understanding of internal controls and procedures for financial reporting; and * Understanding audit committee functions. To register, visit acms.aicpa.org/login.asp. |
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