Audit Committee Matching System.The AICPA's Audit Committee Matching System is a valuable resource for CalCPA members in industry, as well as CPAs interested in serving on audit committees. [ILLUSTRATION OMITTED] The matching system provides 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. by providing a database of CPAs who meet the SEC's definition of an audit committee financial expert: * 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; * Understanding internal controls and procedures for financial reporting; and * Understanding audit committee functions. To register for or use this service, visit http://acms.aicpa.org/login.asp. LACKING TRACKING 56% of senior U.S. execs said their company does not track and report internally on the costs of Sarbanes-Oxley. PwC Management Barometer |
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