Andersen Provides New Insights for Audit Committees

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Accounting giant Arthur Andersen is rolling out a new series of publications for audit committees. The inaugural edition of a newly-released newsletter aptly named Insight is available now on the firm's web site.

Andersen says the purpose of the newsletter is to provide audit committees with the appropriate breadth of information as their responsibilities continue to evolve in response to today's ever-changing business environment. Living up to its name, the first edition provides a wealth of practical insights and stimulating thought leadership. The contents include:

  • A framework for discussing the quality of a company's financial reporting, incorporating such topics as earnings management, use of "plain English" in footnotes and disclosures, typical industry disclosures and peer company comparisons.
  • A board-level briefing on the types of business risks that may be more relevant and may demand more attention in today's business environment -- an environment Andersen calls the "new reality."
  • Suggested questions for audit committees to ask about special purpose entities (SPEs).
  • An interview with a leading audit committee member featuring realistic "how-to" advice on a host of new complexities, ranging from changes in auditor independence rules to Regulation FD (fair disclosure).
  • A privacy checklist and thought piece designed to focus the committee's attention on the opportunities for turning privacy risks into potential competitive advantages.
  • A list of the top ten fraud prevention and detection tips for audit committees.

Download a copy of the inaugural issue to give to your company's or client's audit committee, and sign yourself up to be notified when future Insights are available. Also newly available for download is the latest issue of Financial Executive Briefing, a semi-annual publication that provides Andersen's detailed update on current developments in the accounting and financial reporting areas, including recent issuances from the FASB, EITF, AICPA and SEC.

-Rosemary Schlank

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